In addition, the Bank has an extensive programme of financial stabilityrelated initiatives underway that includes Open Bank Resolution, the introduction of macroprudential instruments, a review of the payments system, and implementation of Basel III capital requirements. The Bank has also taken on responsibilities for anti-money laundering and regulation of insurance companies and non-bank deposit takers.
The Bank is further required to conduct compliance audits with all reporting entities to ensure effective adherence to this Act. The key in combating money laundering through the reporting entities is to know who their customers are. If they know their customers well, they will be able to detect attempts at money laundering.