Regulatory Handbook, Volume 1

Summary

This is Volume 1 of CIMA's Regulatory Handbook, issued under Section 48 of the Monetary Authority Act. It sets out CIMA's own internal policies and procedures for authorising, supervising and overseeing the entities it regulates, including its AML/CFT/CPF/TFS monitoring regime. The Handbook explicitly states it does not itself create new rules, obligations or requirements for regulated entities; it describes how CIMA exercises its existing statutory functions.

• Authorisation and termination: Describes CIMA's process for granting, varying and cancelling authorisations (licences, registrations, approvals) and assessing fitness and propriety of applicants and controllers.
• Supervision: Sets out off-site and on-site supervisory processes, including types of on-site inspections used to monitor regulated entities.
• AML/CFT/CPF/TFS oversight: Explains CIMA's duty of vigilance, its monitoring process, the role of the Financial Reporting Authority, inspection reporting, and review of Authorised Persons' compliance programmes, internal audit/independent reviews, record keeping and staff training.
• Stakeholder relationships: Describes CIMA's relationships with Government, the private sector, the public, and overseas regulatory authorities, including publication practices for authorisations and terminations.

Because this is a procedural handbook describing CIMA's own operations, it does not directly impose new compliance duties, but it references and describes how CIMA supervises entities' compliance with existing legal requirements, such as AML/CFT record-keeping and training obligations under the Anti-Money Laundering Regulations (AMLRs) and the Proceeds of Crime Act.

Key obligations

• Authorised Persons must maintain records identifying relevant financial transactions for five years following closure of an account, end of a transaction, or termination of a business relationship (longer in some cases, such as trust transactions)
• Authorised Persons must maintain and be able to demonstrate adequate systems and training under Section 5 of the AMLRs to prevent money laundering, terrorist financing and proliferation financing, including staff acknowledgement of internal AML/CFT/CPF/TFS policies and participation in training
• Authorised Persons must report suspicious transactions/activity to the Financial Reporting Authority (FRA)
• Authorised Persons must maintain appropriate evidence supporting client identification and account opening/new business documentation for review by CIMA

Applies to

Authorised Persons (licensees, registrants and other regulated/supervised persons across banking, insurance, fiduciary services, investments, securities and virtual asset service providers)

Deadlines

• five (5) years: Authorised Persons must retain records identifying relevant financial transactions for five years following closing of an account, end of a transaction, or termination of a business relationship (longer for certain cases such as trust transactions)