Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 April 2021 - onwards
  Version 5 of 5    

Regulation 46 Duties of supervisory authorities

(1) A supervisory authority must effectively monitor the relevant persons for which it is the supervisory authority ("its own sector") and take necessary measures for the purpose of -

(a) securing compliance by such persons with the requirements of these Regulations; and

(b) securing that any application for which the supervisory authority grants approval under regulation 26 meets the requirements of regulation 26(7), whether or not the person making the application, or being approved, is a relevant person.

(2) Each supervisory authority must -

(a) adopt a risk-based approach to the exercise of its supervisory functions, informed by the risk assessments carried out by the authority under regulation 17;

(b) ensure that its employees and officers have access both at its offices and elsewhere to relevant information on the domestic and international risks of money laundering and terrorist financing which affect its own sector;

(c) base the frequency and intensity of its on-site and off-si

Comparing proposed amendment...