Industry Notice - AML/CFT Reporting Forms for MFAs (2019-11-21)

Summary

This is a CIMA industry notice announcing the introduction of new AML/CFT reporting forms specifically for Licensed Mutual Fund Administrators (MFAs). The forms, to be made available on CIMA's REEFS electronic filing platform, will require MFAs to submit certain information. CIMA states the purpose is to allow it to assess money laundering and terrorist financing (ML/TF) risks associated with MFAs' current operations.

• Client/customer profiles
• Distribution channels
• Products and services
• Geographic location of their business and clients/customers

The notice applies to all persons licensed as Mutual Fund Administrators under the Mutual Fund Law. It reminds these licensees of their existing statutory obligation under regulation 53A(2) of the Anti-Money Laundering (Amendment) Regulations, 2019 to produce information requested by CIMA in the exercise of its functions, and states that the new AML/CFT reporting forms must be filed by every Licensed Mutual Fund Administrator via its registered office once available on REEFS.

No specific filing deadline or effective date is given other than that the forms will be available 'shortly' on REEFS, with accompanying guidance notes also to be published there. The notice does not state a commencement date for the filing requirement itself, only that it is forthcoming.

Key obligations

• Every Licensed Mutual Fund Administrator must file the AML/CFT reporting forms via its registered office once made available on the REEFS platform.
• Licensed Mutual Fund Administrators 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.

Applies to

Licensed Mutual Fund Administrators

Deadlines

• shortly: AML/CFT reporting forms will become available on the REEFS platform 'shortly' after this notice, at which point filing is required by every Licensed Mutual Fund Administrator.