Who is a reporting entity?
A Reporting Entity is any person or entity carrying out any activity listed in the First Schedule of
the AML/CFT Act 2009. Entities that have been classified as reporting entities by virtue of the
activities they engage in are as follows:
| Licensed Financial Institutions |
Designated Non-Financial Businesses of Professions |
Other |
- Commercial Banks
- Non-Bank Financial
- Institutions
- Money Transfer Agency
- Cambios
- Insurance Companies and
- Brokers
- Securities Companies and
- Brokers
|
- Casinos
- Lotteries
- Betting Shops
- Real Estate Agents, Brokers and Developers
- Dealers in Precious Metals (Gold Dealers)
- Dealers in Precious and Semi Precious Stones (Licensed Traders)
- Attorneys-at-Law, Notaries, and Commissioner of Oaths to Affidavit
- Accountants and Auditors
- Trusts or Company Service
- Providers
|
- Co-operatives including Credit Unions
- Registered Charities
- Pawnbrokers
- Used Car or Car Parts Dealers
|
All Reporting Entities must register with the Financial Intelligence Unit (FlU) in accordance with section 19(4) of the AML/CFT Act 2009 in such manner and form as the Director may determine.
These procedures set out the steps to be taken by the Reporting Entity (RE) and the FIU to complete a Reporting Entity registration.
Reporting Entity must:
Step 1. Uplift the FlU Reporting Entity Registration Form from the office of the FIU or download it here: DOWNLOAD REGISTRATION FORM
Step 2. Complete the Registration Form and attach a copy of the following documents (if applicable):
- Identification for Owners/ Directors/Snr Executives/Trustees
- Entity’s Registration/Certificate of Incorporation Documents
- Operations Registration/ Licence and/or Premises Licence(s)
- Agency Agreement (where applicable)
- Entity’s most recent Financial Statement and/or Annual Returns
Step 3. Submit (by hand, email, or post) the completed Registration Form and a copy of the relevant document(s) to the Director, FlU, with a cover letter done in duplicate.
Notes:
- The completed registration form must be signed by a senior officer (Head/Chief Executive Officer/Compliance Officer) or owner of the reporting entity.
- The completed form should be appropriately stamped by the seal or company stamp of the Reporting Entity.
Financial Intelligence Unit must:
- Develop and establish a format for registration by the reporting entities (REs);
- Upon submission of the completed registration form by RE, the FlU stamps and returns duplicate cover letter to the Reporting Entity for its record of having submitted RE Registration Form.
- Review the Registration Form and attachments to ensure it is accurately completed and that all relevant documents are attached within a reasonable time following the date of submission.
- The FIU employee checks/verifies attachments/documents signs off as verifying the authenticity of the form and attached documents.
- If the Registration Form is accurately completed and all relevant documents are attached, the FIU prepares “Reporting Entity Registration Confirmation” letter for the Reporting Entity.
- If Registration Form is not accurately completed or all relevant documents are not submitted, the FIU prepares a “Reporting Entity Incomplete Registration” letter for the reporting entity. This letter will detail the missing information or documents and will clearly state that the Registration will not be completed until or unless the Form is accurately completed and all relevant documents are submitted.
- The FIU will update the Reporting Entity Registration Register.
Note:
Registration is Free, and Registration is on-off. However, the reporting entities must inform the FIU of
any changes to the information provided for registration in a timely manner.
