types of sanctions

1. Reprimand Letter. Warning the institution to discontinue minor AML/CFT violations.
2. Corrective Action Order or Instruction. To take specific actions to address AML/CFT violations, such as implementing new policies and procedures or improving internal controls.
3. Cease and Desist Order. To stop engaging in activities that violate AML/CFT regulations. These may be accompanied by fines (e.g., daily, weekly, monthly) for non-compliance with the order.
4. Monetary Fine. Calculated based on severity and frequency of the non-compliant behavior, and proportionate to the financial institution's size and financial resources.
5. Appointing a Caretaker. A team to manage and oversee the AML/CFT operations when there are serious concerns about the institution's AML/CFT compliance.
6. Operational Limitations or Prohibitions. To limit from engaging in specific activities related to AML/CFT, such as opening new accounts or conducting certain types of transactions.
7. Suspension or Revocation of License. In cases of criminal involvement, prevents the financial institution from operating in the financial system until they address the issues and meet the necessary regulatory requirements. Las resort.