As such, more intense and frequent supervisory reviews are conducted for institutions deemed as presenting higher risks The implementation of a risk-based approach should assist regulated entities in strengthening their institutional risk assessment, which is mandatory in terms of the FIAMLA. Furthermore, the adoption of this approach will create, both for supervisors and regulated entities, a convergence towards a common understanding of ML/TF risks.
The Bank will also engage with the industry and develop outreach programmes to enhance compliance and understanding of the regulatory requirements. Ladies and gentlemen, let me now elaborate on the subject of training. Risk-based supervision requires a honing of supervisory skills to enhance supervisory judgment, as there is no one-size-fits-all approach for the AML/CFT supervision.