Regulatory Alerts2021-12-16 | 29714Consultation on Policy for the Introduction of an Administrative Monetary Fine Framework
The financial regulator has published a consultation on policy for introducing an Administrative Monetary Fine framework to standardize penalty enforcement across anti-money laundering, counter-financing of terrorism, and countering proliferation financing regulations. The proposed framework mandates fixed fine schedules and streamlined procedures for addressing compliance breaches by regulated entities. Industry participants must review the draft policy and submit formal feedback prior to its adoption, enabling a more predictable enforcement regime.
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