ACA-3.docx - Composite Rating Numerical Rating Risk Management Practices related to ML and TF prevention(consistent and effective(Component I – 3

ACA-3.docx - Composite Rating Numerical Rating Risk...

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Composite Rating Numerical Rating 4 Risk Management Practices related to ML and TF prevention (consistent and effective) (Component I – 3) High level of risk management practice that consistently and effectively identifies, measures, monitors and controls risks and problems. The BSP requires its covered institution to have a Risk Management Practices. To comply with this, the RCBC will conduct the ACA 3. Coverage of MLPP (Component II -1) Comprehensively covers all regulatory requirements. The trainings will cover all the regulatory requirements like the MORB of BSP and Principle 15 of SEC Memorandum no. 19. Risk Management Practices related to ML and TF are incorporated in the MLPP (Component II - 2) All significant risks are identified and practices to monitor and control these risks are incorporated in the MLPP The BSP requires its covered institution to have a Risk Management Practices. To comply with this, the RCBC will conduct the ACA 3. Extent of dissemination of MLPP and level of awareness (Component II – 3) Well disseminated to all concerned officers/staff, resulting to full awareness of their respective duties and responsibilities ACA 3 will include all responsible officers and staff who shall receive appropriate training which includes awareness of their respective duties and responsibilities under the MLPP. Independence and support (Component III – 1) Fully independent and has total support of BOD and SM Since it will be in partnership with a well- known agency and a regulatory body, the BOD will support to it. Coverage (Component III – 2) Comprehensively covers all areas of concern These training will cover anti- money laundering particularly in relation to the customer identification process , record keeping requirements and CT&ST reporting and ample understanding of the internal
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  • Summer '17
  • Annabel Banez

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