7.5 Coordinated supervisory activities

Prudential supervisors and AML/CFT supervisors should consider identifying areas of mutual interest where appropriate when planning their respective on-site and off-site supervisory activities.

Where areas of mutual interest are identified, prudential supervisors and AML/CFT supervisors should consider the most appropriate form of cooperation for setting up coordinated supervisory activities, in accordance with their respective competences and supervisory responsibilities, including but not limited to:

• a. mutual attendance of meetings with institution representatives;
• b. mutual participation in thematic reviews; and
• c. mutual participation in off-site reviews or on-site inspections.

Where a coordinated supervisory activity is being set up, prudential supervisors and AML/CFT supervisors should agree on the modalities for the cooperation, including as a minimum:

• a. the nature and type of action to be taken by each respective supervisor;
• b. the timing of the work to be undertaken and the planned allocation of supervisory resources;
• c. the modalities for information exchange, including the sharing of information gathered during the coordinated activity, and the findings as a result of the activity;
• d. the process for handling findings from the coordinated activity and potential breaches;
• e. the options for coordinated follow-up, if any.