Supervisory Circular - AML/CFT Reporting Forms for VASPs (2020-11-30)

Summary

This is a supervisory circular issued by CIMA on 30 November 2020 announcing a new AML/CFT reporting form for the virtual asset services sector, following the launch of the Virtual Asset (Service Providers) Law, 2020 on 31 October 2020. It requires entities that are engaged in, or wish to engage in, virtual asset services to complete and submit a specific risk-assessment form through CIMA's REEFS online portal.

• Who is covered: New applicants seeking to provide virtual asset services, as well as entities already licensed or registered with CIMA for other regulated activities that also carry out virtual asset services.
• Form details: The form, titled 'AML/CFT Inherent Risks – Virtual Asset Service Provider – AIR 157-84', is bundled with the VASP registration form (APP-101-84) on REEFS and becomes accessible after the registration form is successfully submitted.
• Filing deadline: CIMA sets a firm filing deadline of 31 January 2021 and states explicitly that no extensions will be granted.
• Legal basis: The circular grounds this filing requirement in regulation 53(A) of the Anti-Money Laundering Regulations (2020 Revision), which empowers the Authority to require entities to produce information in connection with its functions, and reminds affected entities of their ongoing obligations under that regulation.

Key obligations

• Entities engaged in, or wishing to engage in, virtual asset services must complete and file the AML/CFT Inherent Risks – Virtual Asset Service Provider form (AIR 157-84) via the REEFS platform on or before 31 January 2021.
• This filing obligation also applies to entities currently licensed or registered with CIMA for any other activity if they engage in or wish to engage in virtual asset services.
• The AIR 157-84 form must be accessed and completed following successful submission of the VASP registration form (APP-101-84) on REEFS.
• Entities must be prepared to produce such information as CIMA may require in connection with the exercise of its functions, pursuant to regulation 53(A) of the AMLRs.

Applies to

virtual asset service providers, entities licensed or registered with the Authority for other activities that also engage in virtual asset services

Deadlines

• 31 January 2021: Deadline to complete and file the AML/CFT Inherent Risks – Virtual Asset Service Provider form (AIR 157-84) via REEFS; no extensions will be considered.