In the inspection of SIA “Money Express” the FCMC found out breaches of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, because the internal control system of SIA “Money Express” was not set up according to the level of ML/TF risk inherent in the activities of the institution and its customers, and in a quality as to ensure compliance with the regulatory requirements. For instance, SIA “Money Express” had not provided for occasional customer risk assessment and investigation, including customer due diligence to a sufficient extent, as well as the procedures established by SIA “Money Express” for the monitoring of transactions had not provided for management of risks inherent in the operation and services offered by the institution in an appropriate quality, and for the identification of suspicious transactions.
Financial and Capital Market Commission
Phone +371 67774808, +371 67774807
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