Good day! Here is a brief analysis of the provided act:
1. **Subject Matter of the Act:** This act approves a new procedure for supervising how subjects of primary financial monitoring (SPFMs) regulated by the National Securities and Stock Market Commission (NSSMC) comply with the requirements of legislation in the field of preventing and combating the legalization (laundering) of proceeds from crime, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction. It defines the procedures for conducting scheduled and unscheduled inspections, as well as the mechanism for obtaining necessary information from SPFMs. The act aims to improve the effectiveness of supervision over the activities of securities market participants in the field of financial monitoring.
2. **Structure of the Act:** The act consists of the NSSMC’s decision to approve the Procedure and, in fact, the Procedure itself. The Procedure contains general provisions, sections on the organization of inspections, the rights and obligations of the NSSMC working group and SPFMs, as well as the procedure for conducting inspections and documenting their results. Compared to the previous NSSMC Decision No. 1038 of July 17, 2015, this act introduces changes to the supervision procedures, in particular, it details the procedure for conducting inspections and interaction between the NSSMC and SPFMs.
3. **Main Provisions:**
* The NSSMC supervises through scheduled/unscheduled on-site and off-site inspections, as well as by sending requests for information.
* Scheduled inspections are conducted on the basis of a risk-based approach, taking into account the risk criteria established by the NSSMC.
* The act defines the minimum list of issues to be inspected, including verification of financial monitoring rules, due diligence of clients, identification of financial transactions subject to monitoring, and other aspects.
* The rights and obligations of the NSSMC working group during inspections, as well as the rights and obligations of the SPFM, are regulated in detail.
* The procedure for documenting the results of inspections is established, including the preparation of reports and the provision of an opportunity for the SPFM to submit comments.
This procedure is an important tool for the NSSMC in ensuring compliance with legislation in the field of preventing and combating money laundering in the capital markets.
