Regional Workshop on Risk-Based Supervision (RBS) for Securities and Insurance/Pensions Supervisors

Mr Tom Malikebu commended the FSC for offering to host this regional workshop, and explained that Risk-Based Supervision (RBS) “lies at the heart of the implementation of AML/CFT standards, and the foundation for risk-based approach is the development of risk assessment of the industry and of the operating environment”.

The workshop was attended by representatives from 16 out of the 18 member countries of ESAALMG, as well as, representatives of the Ministry of Finance and Economic Development, the Ministry of Financial Services and Good Governance, the Financial Services Commission, Bank of Mauritius, the Financial Intelligence Unit, the Independent Commission Against Corruption who participated in the four-day workshop.

The sessions were conducted by resource persons from the Centre for Financial Regulation and Inclusion (CENFRI). The CENFRI is an independent, not-for-profit think-tank supporting financial inclusion and financial sector development through facilitating better regulation and market provision of financial services. The objectives of the workshop were to:

• Assist supervisors of securities, insurance, and pension sectors in enhancing their understanding and application of RBS for Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) in line with the Financial Action Task Force (FATF) requirements.  
• Improve supervisors’ skills in risk identification, prioritisation, development of RBS frameworks, resource allocation whilst enabling them to assess the AML/CFT internal control and risk management of reporting entities.
• Enable supervisors to develop a risk profile of reporting entities and identifying appropriate RBS tools.