Section 34 Allotment 67 Klinki StreetIncorporated in Papua New GuineaWaigani Drive National Capital District ARBN 649 704 656PO Box 78 Port Moresby Papua NewGuineaWEBSITEwwwbspcompgEMAILservicebspbspc ID: 875875
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1 BSP Financial Group Limited
BSP Financial Group Limited Section 34, Allotment 6 & 7, Klinki Street, Incorporated in Papua New Guinea Waigani Drive, National Capital District ARBN: 649 704 656 PO Box 78, Port Moresby, Papua New Guinea WEBSITE: www.bsp.com.pg | EMAIL: servicebsp@bsp.com.pg | P HONE : +675 320 or +675 305 6376 ASX: BFL | PNGX: BSP
2 13 July 2021 Response to Bank of Pa
13 July 2021 Response to Bank of Papua New Guinea media release dated 12 July 2021 BSP Financial Group Limited ( BFL ) provides information supplementing its previous announcement dated 18 June 2021 regarding regulatory matters. BFL has received FASU ) concerning anti - money laundering ( AML ) allegations made ag ainst BFL. BFL is also aware that FASU issued the attached media release entitle
3 d "Regulatory Action Against the Bank of
d "Regulatory Action Against the Bank of South Pacific" on 12 July 2021 ( FASU Media Release ). Both the additional correspondence from FASU, and the FASU Media Release, refer t o 3 sanctions imposed by FASU on BFL, which are as follows: on FASU's belief that BFL has contravened Papua New Guinea's AML laws. The formal warning also directs BFL to undertake remedial action, namely t raining, updat
4 ing of BFL's AML/CTF policy and enhanced
ing of BFL's AML/CTF policy and enhanced customer due diligence where required. 2. A notice that requires BFL to appoint an external auditor to conduct an independent audit of BFL's risk assessment and AML / CTF program, and to report on this to FASU. This appointment is to occur within 21 days and to continue for an initial 6 month period, with cessation to be dependent on progress made towards compl
5 iance with AML laws. 3. A request that
iance with AML laws. 3. A request that BFL commence the process to replace the Group Chief Executive Officer . BFL remains of the view that it has at all times complied with its AML/CTF obligations. BFL will consider its legal options in relation to the sanctions which have been imposed. However BFL notes that FASU has not sought to impose fi nancial penalties or determined to commence criminal
6 proceedings against BFL. This anno
proceedings against BFL. This announcement was authorised for release by Sir Kostas Constantinou OBE, Chairman of BSP . P lease contact: For Investor Enquiries For General Enquiries Paul Lee - Bernstein Mary Johns Head of Strategy & Investor Relations Company Secretary Email: plee - bernstein@bsp.com.pg Email: mjohns@bsp.com.p