We conduct on-site surveillance to find out whether licensees are complying with the relevant laws.
Our on-site surveillance objectives are as follows:
- To assess and understand the licensee’s business environment and operations to learn whether there are any risks inherent to its specific line of business.
- To assess the licensee’s management, internal controls, training, accounting practices and AML/CFT process and procedures.
- To assess the level of adherence by the licensee to the relevant financial services legislation, regulations, guidelines, and directives issued by the Commission, including adherence to international best practices.
- To assess whether the licensee continues to be fit and proper and where deficiencies are identified, to make such recommendations are appropriate.
- To evaluate the financial soundness and continued viability of the licensee.
Offsite Surveillance is an integral part of monitoring licensee conduct. It requires undertaking comprehensive surveillance and assessments of the business’ activities.
Our off-site surveillance objectives are as follows:
- To ensure compliance status of the licensee with the relevant legislation.
- To maintain solvency and prudent financial control.
- To conduct periodic surveys of the industry to determine the latest trends and developments.
- Ongoing assessment
