The Financial Services Commission (FSC) has just hosted an Awareness session on its Settlement Framework to apprise licensees of the avenues under the Settlement Framework to resolve certain cases in which enforcement actions are contemplated by way of mutual agreement.
The event was attended by Management Companies and 130 virtual participants.
FSC Chief Executive Dhanesswurnath Thakoor said the Settlement Committee is to promote a culture of compliance among our licensees and to prevent the recurrence of similar breaches in the future.
One of the requirements to complete the action item of the Financial Action Task Force (FATF) is to take enforcement actions against non-compliance.
Mr Thakoor mentioned that licensees who come forward for early settlement can avail themselves of the graduated Penalty Reduction Scheme in administrative penalties under the Settlement Framework.
He added that the FSC endeavours to complete settlement discussions within a time limit of 60 calendar days.
The FSC issued its Settlement Framework on 11 December 2020 which sets out a means for timely and proportionate enforcement outcomes to be achieved in appropriate cases.
This Framework delivers on a key commitment of the FSC to adopt settlement as part of its enforcement process.
The presentation can be viewed here.