The Financial Services Commission (FSC) has taken steps to increase its monitoring and supervision of Alliance Investment Management Limited which has been charged with breaches of the Proceeds of Crime Act.
According to a statement from the FSC, it is moving to ensure that the interests of the company's clients remain protected.
Alliance Investment Management is a securities dealer which is licensed and regulated by the FSC.
The Commission, in a statement, said it was aware of the Financial Investigation Division bringing charges against the company for failing to file reports to the designated authority thereby contravening the Proceeds of Crime regulations.
Alliance Investment Management was charged with failure to file threshold transaction reports.
A report is required for cash transactions of, or exceeding US$15,000 or its equivalent in any other currency.