Supervision

The documentary inspection concerns the documents that each professional subject to Act no. 1.362 is required to send to the AMSF. The aim is to ensure that the institutions subject to the law draw up the documents referred to in Article 33 of Act 1.362 of 3 August 2009 and that these documents reflect the implementation of an AML/CFT system that is appropriate to their business, proportionate and compliant with the legal requirements.

The purpose of on-site inspections is to check that the AML/CFT system is in line with the legal and regulatory obligations to which the professional is subject. They enable more in-depth investigations, in particular by examining a sample of customer files and transactions, depending on the specific activity of the professional concerned.

The conduct of an inspection is governed by the provisions of Articles 37, 37-1, 37-2 and 38 of the Sovereign Ordinance no. 2.318, amended. These provisions stipulate in particular that, at the end of the audit, a draft audit report is sent to the professional in order to list the findings of the auditors. The professional may comment on the report.

If necessary, the final report is followed by a letter asking the professional to take appropriate measures to remedy any shortcomings identified. Where appropriate, a deadline is set. In practical terms, this letter sets out the main recommendations made in line with the findings of the report. The fact that it is sent does not mean that the procedure has been terminated and does not rule out the possibility of an administrative penalty procedure being initiated on the basis of Article 65-1 of Act no. 1.362 of 3 August 2009, if significant shortcomings or serious failings are identified.

The breaches observed may give rise to penalties under the conditions set out in Articles 65 to 69.