Although this has been a challenge for banks, resulting in additional system and resource requirements, banks have shown a commitment to comply with their duties. The Bank Supervision Department has an obligation to monitor compliance by our banks with the FIC Act and other anti-money laundering guidelines.
In order to ensure compliance with the requirements of the FIC Act, a circular was issued in December 2002. The circular provided guidelines on the types of measures that banks had to implement in order to prevent them being used to launder the proceeds of crime.