AML - CFT Reporting Requirements for Securities Investment Business Registrants (2019-06-06)

Summary

This is a notice from CIMA's Securities Supervision Division announcing a new AML/CFT reporting requirement for persons registered under the Securities Investment Business Law (SIBL registrants). CIMA is introducing dedicated AML/CFT reporting forms, to be filed via the REEFS platform, so that the Authority can assess the money laundering/terrorist financing risks associated with SIBL registrants' current operations.

• Information collected: Client/customer profiles, distribution channels, products and services, and geographic location of the business and its clients/customers.
• Filing obligation: Every SIBL registrant must file the completed form, via its registered office, on or before 31 July 2019.
• Legal basis for information requests: Under regulation 53A(2) of the Anti-Money Laundering (Amendment) Regulations, 2019, registrants are obliged to produce such information as CIMA may request in the exercise of its functions.
• Guidance: Guidance notes for completing the forms were to be made available on REEFS.

This is an operational/informational notice rather than a change to substantive law, but it creates a concrete one-off filing obligation with a fixed deadline for all SIBL registrants.

Key obligations

• Every SIBL registrant must complete and file the AML/CFT reporting form via the REEFS platform, submitted through its registered office, on or before 31 July 2019.
• SIBL registrants must produce such information as may be requested by CIMA in the exercise of its functions, per regulation 53A(2) of the Anti-Money Laundering (Amendment) Regulations, 2019.
• Registrants should consult the guidance notes on REEFS when completing the AML/CFT reporting forms.

Applies to

Securities Investment Business Law (SIBL) registrants

Deadlines

• 31 July 2019: Deadline for every SIBL registrant to file the AML/CFT reporting form via REEFS, through its registered office.