Section 7U: Functions, Duties and Powers of the Regulatory Body

1) The functions, duties and powers of the regulatory body for the purposes of this Act shall be as follows:

(a) To identify, assess and monitor periodically or as required, the risks of its activities and of the institutions under its control, and to take adequate and effective measures to manage those risks,

(b) To take adequate and effective measures to identify, assess, monitor and manage risks periodically or as required by the supervisory authority,

(c) To comply with or cause to be complied with this Act or the rules made or directions issued or given under this Act,

(d) In the registration of any business or profession carried on by the indicting institution or in the granting of a licence or licence for the company, stipulating that the person carrying on the profession or business must perform the functions and obligations pursuant to this Act,

(e) To make or cause to be made, in the registration or grant of a licence or licence for the carrying on of the business of an indicative institution and in the establishment, establishment, operation, management or operation of such institution, the criteria for measuring the suitability of the financial, illicit earnings or other qualifications, including criminal involvement, directly or indirectly, of the person who owns, controls or participates directly or indirectly in the establishment, operation, management or functioning of such institution,

(f) To maintain the arrangements for the prevention of financial investment in terrorist activities and the purification of assets inherent in the basic assumptions regarding the professional supervision of the indicative institution,

(g) To carry out on-site inspection, off-site supervision or monitoring as required by this Act or the regulations made under this Act or the guidelines issued or the indicting institution in respect of non-compliance with the provisions of the instructions or orders given,

(h) Prescribe or cause to be taken such further measures as may be necessary by issuing directions in accordance with sub-section (2) for the performance of the obligations pursuant to Chapter 3,

¹(i) To issue the necessary instructions or standards regarding the risk assessment to be carried out by the indicting entity in respect of clients, client identification, and transactions with countries that are internationally recognised as not complying with or only partially complying with international standards on the prevention of financial investment in asset laundering and terrorist acts or the manufacture or proliferation of weapons of mass destruction, and to monitor its compliance or non-compliance,

(j) To order the indicting institution to provide any information, information and documents to the indicting institution in order to carry out its obligations pursuant to this Act or the rules made or the guidelines issued or the instructions given under this Act,

(k) To provide necessary assistance in the investigation of criminal offences,

(l) To identify, assess, and report suspicious transactions in accordance with section 7S and make a special assessment of the failure to implement them effectively if there is suspicion or reasonable grounds to suspect or suspect any wrongdoing related to the purification of property, the financing of terrorist acts or any other wrongdoing,

¹(m) If the indicting institution does not submit a report on suspicious transactions or if suspicious transactions or actions are found in the indicting institution, it will be reported to the Financial Information Unit, and if it is found that there is a defective action, it will be sent in writing to the authorised officer for investigation,

²(m1) To regularly publish on its website information on the classifications issued by the relevant intergovernmental international organisation in respect of compliance with the following years, including the prevention of financial investment in the creation or expansion of assets, terrorist acts or weapons of mass destruction,

(n) To provide or cause to be provided training to the indicting institution in relation to the prevention of the laundering of property and the financing of terrorist acts and

(o) To perform other tasks as assigned.

2) The regulatory body may issue orders or directives to the indicting body as needed to prevent the destruction of property and terrorist acts and to act in accordance with the relevant international standards.

²2A) The regulatory body shall also exercise the functions, duties and powers pursuant to sub-sections (1) or (2) in relation to the prevention of financial investment in the manufacture and expansion of weapons of mass destruction.

3) The regulatory body regulating and supervising the financial institution may jointly regulate and supervise or exchange information regarding the regulation and supervision of such indicative institution with domestic or foreign regulatory bodies of the indicative institution carrying on the same or different nature of business under the same group.

4) The regulatory body may make necessary arrangements for exchanging mutual assistance with bodies of a similar nature to other countries in other matters, including arrangements, information or information regarding regulation and supervision of the prevention of financial investment in asset laundering and terrorist activities.

5) Other arrangements regarding the cooperation exchange with the regulatory body will be as prescribed.

^{1 Amended by to amend certain Acts relating to Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}

^{2 Added by to amend certain Acts relating to Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}