INFOGRAPHICS: FCMC progress in the AML/CFT field

The Financial and Capital Market Commission (FCMC) has taken a series of measures in the field of combating financial crime as from 2016. In order to reduce the level of risk in the financial sector, a variety of measures have been implemented, such as the development of sectoral risk assessment enabling the banks to take particular measures for risk mitigation and risk management, the banks are required to change existing business models that were targeting foreign customer services and payment services. The FCMC has increased the number of experts in the field of compliance control and implemented an information technology solution to increase effective supervision of the money laundering and terrorism and proliferation financing risks, as well as conducted on-site inspections of high-risk banks.