{"id":2076,"date":"2022-07-05T11:30:37","date_gmt":"2022-07-05T11:30:37","guid":{"rendered":"http:\/\/localhost:8080\/fiu\/?page_id=2076"},"modified":"2022-07-05T11:53:15","modified_gmt":"2022-07-05T11:53:15","slug":"the-supervisory-process","status":"publish","type":"page","link":"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2076","title":{"rendered":"The Supervisory Process"},"content":{"rendered":"\t\t
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The Supervisory Process<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe FIU has adopted a risk-based supervisory strategy in accordance with the 4th Anti-Money Laundering Directive ((EU) 2015\/849) (4AMLD). This approach requires the frequency, scope and method of supervision to intensify in accordance with the level of ML\/FT risk posed by a reporting person. The supervisory process is as below:\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Statistical Questionnaire<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe statistical questionnaire (SQ) is a tool used to determine whether the reporting person (RP) falls under the purview of the FIU. RPs shall fill in the SQ and send the completed one to the FIU for analysis. Upon confirmation of being a reporting person, the Research and Analysis Unit performs a risk assessment exercise to categorize the RP into class of High, Medium or Low risk. This allows for the yearly risk-based supervision plan to be formulated on which the supervision team will conduct inspection throughout the year.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Training and Outreach<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOnce the RP falls under the purview of the FIU, he will be receiving updated materials via emails and will benefit from webinars and workshops organised by the FIU. These outreach activities aid the RP to be aware and up-to-date with AML\/CFT obligations.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Offsite Examination <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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One of the inspection tools which the FIU has at its disposal is the off-site monitoring tool which is a desk-based examination of key documents that provide an overview of the regulatee\u2019s operations, money laundering and terrorism financing risks as well as its level of compliance with AML\/CFT legal and regulatory obligations prior to conducting an onsite examination.<\/p>

The list of documents and information requested in the Offsite Examination include:<\/p>