The competences of Supervisory Authorities shall be expanded to include the following: 1. Identifying and assessing Money Laundering, Terrorist Financing, and Proliferation Financing risks that may arise from the development of new products and new professional practices, including new service delivery methods and the use of new or emerging technologies for both new and existing products. 2. Applying a risk-based approach to ensure that Money Laundering, Terrorist Financing, and Proliferation Financing prevention or mitigation measures are proportionate to the identified risks. 3. Implementing identified risk-based and proportionate measures and allocating resources efficiently to mitigate Proliferation Financing risks. 4. Issuing instructions, regulations, and forms relating to Crime combating applicable to entities subject to their supervision, where necessary. 5. Establishing policies, procedures, and controls necessary to verify the compliance of supervised entities with the provisions of the Decree by Law, this Resolution, and any other Crime combating legislation in the State, and requesting information relating to the implementation thereof. 6. Establishing systems, rules, and standards of merit and eligibility, and taking all necessary legal or regulatory measures on an ongoing basis at the time of licensing, registration, renewal, or amendment, to prevent criminals or their associates from holding or being the Beneficial Owners of significant or controlling interests in Financial Institutions, DNFBPs, or Virtual Asset Service Providers, or from controlling or participating in their management or operation, directly or indirectly. 7. Coordinating with the Unit in identifying indicators of suspected Crime through which Financial Institutions, DNFBPs, and Virtual Asset Service Providers submit Suspicious Transaction reports to the Unit. 8. Coordinating with the Unit regarding the quality of reports and information received by the Unit from Financial Institutions, DNFBPs, and Virtual Asset Service Providers, and taking the necessary supervisory measures in this regard. 9. Conducting off-site and on-site supervision and inspections of Financial Institutions, DNFBPs, and Virtual Asset Service Providers on a risk-based basis, and for that purpose, requesting and obtaining any information deemed necessary for the performance of supervisory functions. 10. Determining the frequency of supervisory and inspection activities over Financial Institutions, DNFBPs, and Virtual Asset Service Providers based on: a. The National Risk Assessment; b. The characteristics of Financial Institutions, Financial Groups, DNFBPs, and Virtual Asset Service Providers, including their diversity, size, and degree of discretion permitted under the risk-based approach; c. Crime risks, the level of understanding thereof, and the internal policies, controls, and procedures applied by Financial Institutions, Financial Groups, DNFBPs, and Virtual Asset Service Providers, as determined in the Supervisory Authority’s assessment of the risk structure specific to each of them. 11. Taking all measures necessary to ensure the full and immediate compliance of Financial Institutions, DNFBPs, and Virtual Asset Service Providers with instructions issued by the Executive Office or other competent authorities regarding Targeted Financial Sanctions, through on-site visits and continuous follow-up, and imposing effective, proportionate, and dissuasive administrative penalties in cases of violation or failure to comply. 12. Verifying that supervised institutions adopt and implement the prescribed controls, procedures, and measures under the Decree by Law and this Resolution, and apply them to their foreign branches and majority-owned subsidiaries to the extent permitted by the laws of the host country. 13. Ensuring that Financial Groups apply appropriate additional measures to manage Money Laundering and Terrorist Financing risks where the laws of the host country do not permit proper implementation of the prescribed controls, procedures, and measures. Where such additional measures are insufficient, the Supervisory Authority shall take supervisory measures, including imposing further controls on the Financial Group or requiring the closure of its operations in that country. 14. Ensuring that Financial Institutions subject to International Core Principles for Financial Supervision are regulated and supervised in accordance with those principles, including the application of consolidated supervision at the Financial Group level for AML/CFT purposes, and ensuring that other Financial Institutions are subject to regulation, supervision, or monitoring commensurate with their Money Laundering or Terrorist Financing risk. 15. Reviewing the institution’s and the Financial Group’s Crime risk structure assessment, including compliance risks, periodically or upon material developments in the management or operation thereof. 16. Establishing adequate controls and procedures to ensure that Financial Institutions, DNFBPs, and Virtual Asset Service Providers are notified of and comply with National Committee decisions relating to: a. Enhanced Due Diligence measures and countermeasures determined by the National Committee; b. Any concerns relating to deficiencies in AML/CFT/CPF systems in other countries; c. Any other decisions issued by the National Committee. 17. Providing supervised entities with instructions, guidance, and feedback to assist in implementing national Crime combating measures, particularly in detecting and reporting Suspicious Transactions and applying Simplified Due Diligence measures where low risks are identified, to enhance the effectiveness of Crime combating implementation. 18. Maintaining an updated list of Compliance Officers of supervised entities, notifying the Unit thereof, and requiring such entities to obtain its prior approval before appointing their Compliance Officers. 19. Organizing awareness programs and campaigns relating to Crime combating.
Interpretation and application must be checked against the official text and current version.