Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (13)

DFL 20/2018 Effective from 23/10/2018

The Supervisory Authorities shall, each within the scope of its competence, carry out supervision, monitoring and follow up to ensure compliance with the provisions provided for in the present Decree-Law and its executive regulation, regulatory decisions in addition to any other related decisions and shall have in particular, the following competences

  1. Conduct a risk assessment on the likelihood of the perpetration of a Crime within the financial institutions, designated nonfinancial businesses and professions, and activities of virtual assets and activities of virtual asset service providers and non-profit organizations
     
  2. Conduct Control and audit inspections over financial institutions, designated nonfinancial businesses and professions, virtual assets service providers and non-profit organizations, both remotely and on site.
     
  3. Issue the decisions related to the administrative penalties in accordance with the provisions of this Decree-Law and its Executive Regulation, the grievance mechanism, and keep statistics of measures taken and penalties Imposed.
     
  4. Any other competencies stipulated in the Executive Regulation of the present Decree-Law

 

This article has been amended by Federal Decree-Law No. (26) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 23/10/2018 to 13/09/2021)

 

The Supervisory Authorities shall, each within the scope of its competence, carry out supervision, monitoring and follow up to ensure compliance with the provisions provided for in the present Decree Law and its Executive Regulation and shall have in particular, the following competences:

1- Conduct a risk assessment on the likelihood of the perpetration of a Crime within the Financial Institutions, Designated Nonfinancial Businesses and Professions and Non-Profit Organisations.

2- Conduct supervision and examination over financial institutions, designated nonfinancial businesses and professions and non-profit organisations, both off-site and on-site.

3- Issue the decisions related to the administrative penalties in accordance with the provisions of this Decree Law and its Executive Regulation, the grievance mechanism, and keep statistics of measures taken and penalties imposed.

4- Any other specialized activities stipulated in the Executive Regulation of the present Decree Law.