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FIA Provides Information Regarding The Registration Of Supervised Entities Act

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The Financial Intelligence Authority (the Authority) informs of the enactment of the Registration of Supervised Entities Act (the Act).

This Act requires persons engaged in certain categories of business to register with the Authority for the purpose of complying with the laws in relation to money laundering, terrorist financing and proliferation financing.  This requirement to register applies to the following categories of entities:

a)A Motor Dealer licensed under the Motor Vehicles and Road Traffic Act, Cap. 8.01.

b)A person involved in transactions for a client concerning the buying and selling of real estate.

c)A dealer in precious metals or stones, when engaging in any transactions equal to or exceeding $25,000.

d)Attorneys-at-law when they carry out transactions for a client in relation to the following activities —

− buying and selling real estate;

− creating, operating or managing companies;

− managing bank, savings or securities accounts;

− managing client’s money, securities or other assets; or

− raising contributions for the creation, operation or management of companies.

e)Accountants when they carry out transactions for a client in relation to the following activities —

− buying and selling real estate;

− creating, operating or managing companies;

− managing bank, savings or securities accounts;

− managing client’s money, securities or other assets; or

− raising contributions for the creation, operation or management of companies.

As established under the Money Laundering (Prevention) Act, the entities listed above are reporting entities and they must comply with the various anti-money laundering, countering the financing of terrorism and counter proliferation financing (AML/CFT/CPF) legal obligations.

The registration requirement will facilitate identification of the abovementioned entities so that they can be appropriately supervised for their AML/CFT/CPF compliance.

Any individual or body corporate who falls within categories (a) – (e) above, is required under section 5 of the Act to make an application to the Authority to be registered as a supervised entity.

Upon approval of the application and receipt of the applicable registration fee, the Authority will issue a Certificate of Registration and record the entity in a Register of Supervised Entities.

Any entity engaged in the relevant business activities prior to commencement of the Act must comply with the requirement to register within six (6) months of the commencement date of the Act, i.e., by September 30, 2023.

Failure to register with the Authority is an offence under the Act and may result, on summary conviction, to a fine not exceeding twenty-five thousand dollars ($25,000) and to an additional fine of three hundred dollars ($300) for each day the offence continues.

Applications for registration should be emailed to registration@slufia.org and must include the following:

  1. A completed and signed application for registration (Form,
  2. A Completed and signed Declaration of Compliance or Non-compliance
  3. The incorporation or registration documents of the person engaged in other business activity, for example, the Certificate of Incorporation, Certificate of Registration of a Business Name and relevant registers
  4. The filed corporate documents of the person engaged in other business activity, including a notice of directors, beneficial owners and
  5. shareholders
  6. A certified copy of the licence, practising certificate or other professional registration document of the person engaged in other business activity
  7. A copy of the Compliance Manual
  8. A Certificate of Good Standing (if applicable)
  9. A certified copy of a government issued ID in respect of each individual listed in sections 16 – 19 of the application form.

For more information, you can contact the Supervision Unit of the Financial Intelligence Authority by phone (451-9073) or email registration@slufia.org.

SOURCE: Financial Intelligence Authority

 

 

 

 

 

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