Section 46(2)

Each supervisory authority must— adopt a risk-based approach to the exercise of its supervisory functions, informed by the risk assessments carried out by the authority under regulation 17; ensure that its employees and officers have access both at its offices and elsewhere to relevant information on the domestic and international risks of money laundering and terrorist financing which affect its own sector; base the frequency and intensity of its on-site and off-site supervision on the risk profiles prepared under regulation 17(4); keep a record in writing of the actions it has taken in the course of its supervision, and of its reasons for deciding not to act in a particular case; take effective measures to encourage its own sector to report actual or potential breaches of the provisions of these Regulations to it; provide one or more secure communication channels for persons to report actual or potential breaches of these Regulations to it; take reasonable measures to ensure that the identity of the reporting person is known only to the supervisory authority.

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Source: legislation.gov.uk · retrieved 2026-09-04