5.3.1The Transmittal Letter is the official communication from the Central Bank to the Licensed Person which contains all findings of an examination;
5.3.2The objective of issuing a Transmittal Letter is to inform the Licensed Person about the areas of non-compliance noted by the Central Bank Examiners during an examination;
5.3.3Transmittal Letters are issued after full scope or fast track examinations provided that there are observations related to non-compliance with applicable Laws, Rules, Regulations Notices and the Standards;
5.3.4The Transmittal Letter is normally divided into several sections, such as, (a) Major Issues (b) Violations under the Regulations and the Standards (c) Violations under AML/CFT Regulations (d) Reporting Issues (e) Operational and Control Issues and (f) Other Issues; and
5.3.5The risk grading awarded to the Licensed Person, whether it is low, medium, high, very high or unacceptable, and details of predefined parameters based on which the overall risk grading is calculated will be indicated in the Transmittal Letter.