(1) The Central Bank shall —
(a) conduct an audit of a financial institution licensed under the Banking Act, No. 3 of 2015 whenever, in its judgment an audit is necessary or expedient to determine whether suitable measures to counter money laundering, terrorist financing and other offences under this Act have been adopted by the financial institution in compliance with the requirements of this Act;
(b) submit to the Authority information derived from an audit carried out under paragraph (a) if the Central Bank has reasonable grounds to suspect that a money laundering offence, terrorist financing offence or another offence under this Act is being, has been, or is about to be committed;
(c) create and promote training requirements for a financial institution in respect of reporting obligations in accordance with this Act.
(2) Subject to subsection (3), in conducting an audit under subsection (1)(a) or otherwise, the Central Bank shall not have access to or examine a report of a suspicious transaction required under this Act from a financial institution.
(3) Subsection (2) does not apply to a sample of a sanitized report of a suspicious transaction that is submitted to the Central Bank for the purposes of the audit.
(Repealed by Act 9 of 2011 and re-inserted by Act 13 of 2019)