FI’s comments following publication in the media of extracts from verification letters

2019-04-29 | News Money laundering Bank

FI sends verification letters at an early stage of its investigation process, and the aim of this letter is to verify the facts of the case. Verification letters may at times also include preliminary assessments, but these assessments assume that the information FI received is correct and has been understood correctly.

The outcome of an investigation is that FI makes a formal assessment about whether a firm complies with the requirements set out in the regulations.

During an investigation, a verification letter is normally sent to the firm in question in order to control the facts in the case. The verification letter describes the observations and preliminary assessments that have been made based on the information received up until that point in time. Verification letters allow the firm to respond to FI's observations and preliminary assessments within a certain period of time. The letter thereby fulfils an important function in that it verifies facts and observations and ensures that the basis on which FI will make its decision is correct.

It is first in the closing letter that FI presents its overall assessment and informs the firm that the investigation has been closed. In its closing letter, FI describes identified deficiencies and weaknesses and provides recommendations regarding measures that in FI's opinion should be implemented. In the event deficiencies and weaknesses are judged to more serious, the investigation will progress to a sanction assessment.

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