24 supervised persons selected for specialised testing as part of sanctions thematic examination

We are testing the effectiveness and efficiency of screening used by supervised persons in regard to sanctions. 24 supervised persons have been selected to take part in our testing, which will commence in November. We will be contacting the selected entities shortly.

This testing follows on from a thematic questionnaire  we issued in January 2022, where we asked 65 supervised persons to provide us with information on systems and controls that they have implemented to ensure compliance with statutory and regulatory requirements.

We have engaged AML Analytics Limited to assist us with the specialised testing of sanctions screening methods and technology. As with the questionnaire, our sample includes representation from the banking, funds services business, investment business, trust company business sectors and the legal profession.

We are looking forward to working with AML Analytics, who have assisted regulators and central banks with similar thematic reviews in many jurisdictions.