AUTHORITY OF THE FIA OVER REPORTING ENTITIES

Issue regulations on the procedures and methods for submission and secured transmission, as well as the form and content of STR, CTR, and other reports to the FIA.

Require designated regulators or supervisors of reporting entities to monitor and enforce compliance with AML/CFT reporting obligations and inform the FIA of instances of non-compliance.

Enforce compliance where a reporting entity fails to comply in whole or in part with reporting obligations through administrative sanctions established by the Ministry of Justice for prosecution where an offense has been committed.