Competent authorities may come across weaknesses in the following situations:
PART 1: AML/CFT authorities
When carrying out their on-site and off-site supervisory activities in relation to:
1. Customer due diligence measures, including customer ML/TF risk assessments, reliance on third parties and transaction monitoring;
2. Suspicious transaction reporting;
3. Record-keeping;
4. Internal AML/CFT systems and controls;
5. Risk management system, including business-wide ML/TF risk assessments;
6. Group-wide policies and procedures including policies for sharing information within the group.
PART 2: Prudential authorities
1. During the authorisation process and the process for the assessement of acquisition of qualifying holdings:
(a) Business strategy, business model analysis and reflection on other risk areas, including liquidity where applicable;
(b) Fitness and propriety assessment of the members of the management body and key function holders, where performed;
(c) Notification to esta
…