Regulatory Alerts2022-04-28
Risk Management and Compliance Programme Framework 2022 Reviewed
The Financial Sector Conduct Authority (FSCA) provides this framework to guide accountable institutions in developing, documenting, and implementing a Risk Management and Compliance Programme (RMCP) under the Financial Intelligence Centre Act. The document details mandatory components including money laundering, terrorist financing, and proliferation risk assessments, tiered customer due diligence, record keeping, Go-AML reporting procedures, staff training, and United Nations sanctions screening. Institutions must apply a risk-based approach to tailor these controls to their specific operations, ensuring regular programme reviews and effective mitigation of compliance exposures.
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