Supervision and sanctions

The effectiveness of the anti-money laundering and terrorist financing system introduced by the Law of 18 Sptember 2017 depends on the actual implementation by the reporting entities of the measures recommended by the FATF and those imposed by the European directives and the law.

The legislator has requested that the supervisory, regulatory or disciplinary authorities ensure the reporting entities have implemented internal mechanisms and procedures in order for them to comply with their obligations and actually implement them.

The supervisory, regulatory or disciplinary authorities can carry out on-site inspections to verify whether these obligations are duly implemented.

Non-compliance with these obligations ensuing from the Law of 18 September 2017 may be punished by the supervisory, regulatory or disciplinary authorities.

Supervisory authorities

The supervisory authorities are responsible for verifying how the financial institutions and individuals specified by the law comply with their obligations to prevent money laundering and terrorist financing. They are legally required to efficiently implement provisions.

The supervisory authorities that identify, in the course of their inspections of institutions or persons under their jurisdiction or by any other means, facts that may be related to money laundering or terrorist financing, they shall immediately inform CTIF-CFI.

When CTIF-CFI forwards information to the Public Prosecutor or the Federal Public Prosecutor relating to the laundering of money derived from an offence over which a supervisory authority has investigative powers, it shall inform CTIF-CFI of this notification.

When CTIF-CFI finds a breach of the Law of 18 September 2017 it may inform the supervisory authorities in order for them to take the necessary measures and if necessary impose administrative sanctions. The supervisory authority informs CTIF-CFI of all final sanctions.

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