Financial Analysis and Supervision Unit (FASU)

BSP Responds to Regulatory Action

This is in response to a Formal Warning that was issued to BSP by the Financial Analysis and Supervision Unit (FASU) on 12th July, 2021. The formal warning was issued after an onsite review conducted on 23rd  October, 2019. 

FASU identified that BSP had failed to comply with the Anti-Money Laundering and Counter Terrorism Financing Act 2015 (AML/CTF Act 2015) and BSP’s own AML/CTF Policy.

Respect FASU: TIPNG

TIPNG has taken this position in light of the various comments made relating to the actions taken by the FASU in issuing a ‘show cause’ notice to the BSP Financial Group Ltd (BFL).

“The financial intelligence unit of the Bank of Papua New Guinea is an operationally independent unit with its functions and powers specified under Anti-Money Laundering and Counter Terrorist Financing (AML CTF) Act 2015,” said Peter Aitsi, the Chair of TIPNG.