Role of supervisory authority

(1) The supervisory authority responsible for supervising each reporting entity shall supervise compliance by the entity with the entity’s AML/CFT obligations. (2) In accordance with the law, the supervisory authority, shall– (a) examine and supervise the reporting entity, and regulate and oversee effective compliance with the entity’s AML/CFT obligations, through on-site examinations, or other means; (b) issue instructions, guidelines or recommendations to assist the reporting entity to comply with the obligations set forth in this Act, and warnings, or information on concerns about weaknesses in the anti-money laundering and combating of financing of terrorism systems of other countries; (c) develop standards or criteria applicable to the reporting of suspicious activities that reflect other existing and future pertinent national and internationally accepted standards; 78[CAP. 104 Money Laundering and Terrorism (Prevention) (d) impose requirements that– (i) the reporting entity should ensure that their foreign branches and subsidiaries adopt and enforce measures of a higher standard or consistent with this law to the extent that local laws and regulations so permit, and where the foreign branch or subsidiary is unable to adopt and observe these measures, to report the matter to the designated, the supervisory authority or the competent authority; or (ii) entitles pay particular attention that their branches and subsidiaries in countries which do not or insufficiently apply FATF Recommendations, observe measures consistent with Belize’s requirements to combat money laundering and the financing of terrorism, and the FATF Recommendations; (e) submit a report to the Financial Intelligence Unit, as soon as practicable but no later than three working days, any concerning suspicious transactions, activities or facts that could be related to money laundering, the financing of terrorism or the (f) cooperate with agencies performing similar functions in countries including exchange of information in accordance with Part IVA; (g) maintain statistics concerning measures adopted and sanctions imposed in the context of enforcing this Act; (h) adopt the necessary measures to establish fit and proper criteria for owning, controlling, or participating, directly or indirectly, in the directorship, management or operation of a financial institution or a casino or other gaming establishment; or Schedule III (i) share information with other supervisory authorities as listed in Column 2 of the Schedule III, for the purpose of ensuring (2A) A warning or notice issued under paragraph (2)(b) may direct a reporting entity– (a) not to enter into a business relationship; (b) not to carry out an occasional transaction; (c) not to proceed any further with a business relationship or occasional transaction; (d) to impose any prohibition, restriction or limitation relating to a business relationship or occasional transaction; or (e) to apply enhanced customer due diligence measures or enhanced ongoing monitoring to any business relationship or occasional with any person carrying on business, resident, incorporated, constituted or formed in a country to which the FATF has recommended that counter-measures be applied or a country which continues not to apply or insufficiently applies the FATF Recommendations. (3) A supervisory authority, in carrying out its functions under this section shall have the power to obtain access to or 80[CAP. 104 Money Laundering and Terrorism (Prevention) compel the production of records, documents or information as it considers necessary to supervise compliance. (4) Where the supervisory authority is also the relevant regulatory authority for a reporting entity and the supervisory authority finds that the reporting entity has committed a breach of any AML/CFT obligation, the supervisory authority may impose any one or more of the following sanctions – (a) severe reprimand; (b) suspension, restriction or revocation of the licence; or (c) any other sanction that may be prescribed, and a sanction imposed under this section shall be without prejudice to any penalty that may be imposed under any other provision of this Act or the regulations or by any other law. (5) Where supervision of a reporting entity by supervisory authorities overlaps, the supervisory authorities for that reporting entity may share information relating to the particular activity or business.