Off-site supervision report

As of 2012, the Administration for the Prevention of Money Laundering conducts off-site supervision, in addition to on-site inspections, of accountants and auditors through questionnaires sent to the obliged entities concerning the implementation of AML/CFT legislation and subsequent analysis of the replies. Having analyzed the replies, we noted a lack of clarity in certain issues, especially as they concern the identification of the customer or owner who is a foreign official (foreign PEP) and with respect to the application of certain CDD to be applied depending on the level of the ML/FT risk that the client is exposed to. The analysis of the auditing and accounting service providers’ replies to the questionnaires can be downloaded from the link below.