On-site inspections were conducted in the last quarter of year 2012, and the FSC held a workshop in February to inform MCs of the salient findings noted during the inspection exercise. The inspections reviewed the roles performed by the board of directors and senior management in establishing risk levels, the internal control mechanisms employed to monitor these risks and compliance with laws, regulations and supervisory directives.
The following deficiencies were reported to MCs in the workshop:
- AML-CFT - Money Laundering Reporting Officer and Alternate Money Laundering Reporting Officer not appointed
- Record-keeping - Client monies, monitoring of clients' business
- Non-Compliance with Section 21, Section 23 and Section 24 of the Financial Services Act 2007
- Non-filing of Audited Financial Statements and Financial Summaries
- No Professional Indemnity Insurance Cover/ No Disaster Recovery and Business Continuity Plan
- Staff Knowledge and training
- Office facilities
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