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5.1 Types and Scope of Examinations

N 35/2018 STA
  1. 5.1.1The type and scope of an examination will be determined by the Central Bank on a case by case basis. There are three types of examinations and they are discussed under Paragraphs 5.1.2 to 5.1.4 of this Chapter:
  2. 5.1.2Full Scope Examination
    1. a)A full scope examination is primarily meant to cover all aspects of the business of a Licensed Person such as financial and non-financial in addition to the compliance with all applicable Laws, Rules, Regulations, Notices and the Standards;
    2. b)The time frame to complete a full scope examination is usually between seven to fourteen (7 to 14) business days depending on the nature, size and complexity of the business of the Licensed Person; and
    3. c)Findings of a full scope examination will be communicated to the Licensed Person through an appropriate Transmittal Letter.
  3. 5.1.3Fast Track Examination
    1. a)A fast track examination is a quick examination which will be completed within a short period of two to three (2 to 3) business days depending on the nature, size and complexity of the business of the Licensed Person;
    2. b)A fast track examination is meant to assess the level of compliance of a Licensed Person with high level requirements of all applicable Laws, Rules, Regulations, Notices and the Standards; and
    3. c)Findings of a fast track examination will be communicated to the Licensed Person through an appropriate Transmittal Letter.
  4. 5.1.4Special Examination
    1. a)The Central Bank reserves the right to undertake special examinations or surprise examinations at any time, if it deems necessary;
    2. b)The scope and the timeframe of special examinations will be decided by the Central Bank on a case by case basis; and
    3. c)The Central Bank reserves the right to decide whether findings of such examinations need to be communicated to the Licensed Person or not.