Primary Functional Responsibilities

Key Activities includes;

• develop regulations, policies, procedures, and guidelines to effectively facilitate the implementation and enforcement of AML and combating the financing of terrorism framework in Solomon Islands under the MLPCAA 2010;
• monitor international developments in the AML standards, evaluate its national relevance and potential application, and plan how this can be adopted by the SIFIU;
• assist to supervise financial institutions’ compliance with the AML/CTF Act through planned and ad-hoc onsite and offsite examinations;
• identify specific problems or issues affecting financial institutions relating to their compliance with the AML/CTF Act and recommend corrective actions;
• assist and work closely with relevant financial sector supervisory, regulatory (including self-regulatory bodies) and licensing authorities in Solomon Islands in developing sector-specific AML policies that supports an environment to deter serious crimes, money laundering and the financing of terrorism and enhance Solomon Islands’ financial system integrity and stability;
• recommend for  timely and effective advice to internal and external stakeholders on AML requirements and issues;
• provide ongoing secretariat support for the AML Commission;
• help financial and regulatory institutions apply professional practices, procedures and standards to meet their responsibilities under the MLPCAA 2010, and other AML laws;
• help develop agreements and arrangements foreign FIU, law enforcement, governments, and supervisory authorities regarding exchanges of information as required under the AML/CTF Act;
• maintain up-to-date policy, compliance, coordination, and training registers;