Anti-Money Laundering Law

Supervisory authorities shall have the following powers and duties to carry out their mandate: a. Collect information and other data from FIs, DNFBPs, and NPOs as well as applying appropriate supervisory measures, including on-site inspections and offsite measures; b. Compel FIs, DNFBPs, and NPOs to provide any information that the supervisory authority considers relevant to carry out its function under this Law and its Implementing Regulation, and take copies of documents and files, however and wherever stored; c. Carry out an anti-money laundering risk assessment for the sectors for which the authority has a supervisory mandate; d. Issue guidance, decisions and instructions, rules or any other instruments to FIs, DNFBPs, and NPOs in order to implement the provisions of this Law. e. Cooperate and Coordinate with competent authorities when sharing available or accessible supervisory information that is relevant to anti-money laundering supervision with any foreign counterpart, or carry out inquiries on behalf of any foreign counterpart, or request any such information or cooperation from a foreign counterpart; f. Verify that FIs, DNFBPs, and NPOs adopt and enforces measures consistent with this Law in relation to its foreign branches and majority owned subsidiaries to the extent permitted by the laws of the foreign country; g. Establish and apply effective fit and proper screening procedures for any person aiming to participate in the management or supervision of FIs, DNFBPs, and NPOs or for any person aiming to own or control, directly or indirectly, or becoming a beneficial owner of significant shares; h. Maintain statistics concerning any measure adopted and sanction imposed;