(1) For the purposes of this Act, the Central Bank is, without limiting the functions of the Authority under this Act, responsible for the supervision of a licensed financial institution in relation to money laundering, terrorist financing and proliferation financing.
(2) In carrying out the supervisory responsibility under subsection (1), the Central Bank —
(a) shall —
(i) consult with the Authority on policy matters relating to money laundering, terrorist financing and proliferation financing for licensed financial institutions,
(ii) create and promote training requirements relating to obligations under sections 15, 16 and 17 for a licensed financial institution,
(iii) conduct an inspection of a licensed financial institution if, in its judgment an inspection is necessary or expedient to determine compliance by a licensed financial institution with the requirements of this Act or directions given by the Central Bank under section 14E, and
(iv) subject to subsection (3), submit to the Authority a report —
(A) derived from an inspection conducted under subparagraph (iii);
(B) at any time,
if the Central Bank has reasonable grounds to believe that an offence, including money laundering or other criminal conduct under this Act has been, is being or is about to be committed;
(b) shall not have access to or examine —
(i) a report of a suspicious transaction, unless that report is a sanitized report of a suspicious transaction,
(ii) an internal unusual transaction report,
(iii) a letter of request for information from the Authority, or
(iv) the register of enquiries.
(3) The Central Bank may submit to the Authority, a report derived from an inspection under subsection (2)(a)(iii), if the report derived from the inspection does not disclose sensitive information which can —
(a) cause unauthorized disclosure or tipping off;
(b) prejudice an investigation or prosecution of an offence under this Act.
(4) A licensed financial institution shall permit an employee of the Central Bank during normal working hours to —
(a) conduct an inspection under subsection (2)(a)(iii);
(b) make notes or take a copy of the whole or part of a transaction record;
(c) answer questions from the Central Bank in relation to an inspection conducted under paragraph (a) or a transaction record obtained under paragraph (b);
(d) enter its premises to perform its supervisory responsibility under this Act.
(5) Where a licensed financial institution fails to comply with subsection (4), the Central Bank shall submit a written report to the Authority within 7 days of the failure to comply.
(6) A licensed financial institution that fails to comply with subsection (4) commits an offence and is liable on summary conviction to a fine not exceeding one million dollars.
(Inserted by Act 16 of 2021)