Notice - ANNEX III – Guidance Notes for AML-ATF RFIs for Investment Business (2016-10-06)

Summary

This is a BMA consultation notice announcing a draft sector-specific AML/ATF guidance note for Investment Business Providers, Investment Funds and Fund Administrators. It explains that the new sector guidance supplements, but does not replace, the Authority's general AML/ATF Guidance Notes, and invites stakeholder comments before finalisation.

• Purpose: Applies the general AML/ATF Guidance Notes to the specific nature and risk profile of the investment business sector, following BMA's review for alignment with the FATF's revised 2012 40 Recommendations.
• Status: The sector guidance is presented as a consultation draft, described as Annex III to a broader series of sector-specific guidance notes.
• Consultation process: Comments on the draft guidance are invited from all stakeholders during a 30 day consultation period.
• How to respond: Comments must be emailed to policy@bma.bm with the subject line including the words AML/ATF Investment business.

No new binding obligations are imposed by this notice itself; it is a call for feedback on proposed sector guidance that will later apply alongside the existing AML/ATF Guidance Notes for regulated investment business entities.

Key obligations

• Stakeholders wishing to comment must submit their comments to policy@bma.bm with the subject line including the words AML/ATF Investment business within the 30 day consultation period ending 4th November 2016

Applies to

Investment Business Providers, Investment Funds, Fund Administrators

Deadlines

• 4th November 2016: End of the 30 day consultation period for comments on the draft Sector-Specific AML/ATF Guidance Notes for Investment Business Providers, Investment Funds and Fund Administrators