Consultation on Proposed Amendments to the Financial Crime Return Rules (February 2025)

Summary

This is a GFSC consultation on proposed amendments to the Financial Crime Returns Rules, which would replace the existing 2023 Rules with an updated 2025 version. The draft rules set out which licensees and registrants must file the various financial crime related returns (Financial Crime Risk Return, Prescribed Business Return, Intermediary Annual Multi-Scheme Return, and Financial Flows Return), their scope, reporting periods and filing deadlines. Most of the substantive filing requirements are carried over unchanged from the 2023 Rules, with clarifications and drafting corrections to scope exclusions and consolidated reporting for cell companies.

Key proposed changes

• Scope exclusions expanded: The list of licensees exempt from the Rules is clarified to include holders of a Lending, Credit and Finance Law licence who provide only ancillary services under Part II of that Law, and/or credit provision in respect of general insurance premium financing.
• Consolidated returns for cells: The requirement for a Protected Cell Company or Incorporated Cell Company to file one consolidated Financial Crime Risk Return covering the company and its cells is extended to cover licences held under the Fiduciaries Law and the Protection of Investors Law, in addition to the Insurance Business Law and IMII Law, removing the prior split provisions.
• Insurance intermediary reporting clarified: A new dedicated provision confirms that insurance intermediaries under the IMII Law conducting both long term and non-long term business need only report on the long term business (the business subject to Schedule 3 of the Proceeds of Crime Law), mirroring the existing rule for insurers.
• Rules renamed and 2023 Rules revoked: The instrument would be cited as the Financial Crime Returns Rules, 2025, and the Financial Crime Returns Rules, 2023 would be revoked on commencement.
• Filing deadlines unchanged: Existing reporting periods and deadlines are retained: Financial Crime Risk Return and Prescribed Business Return cover 1 July to 30 June and are due by 31 October following the period end; the Intermediary Annual Multi-Scheme Return covers 1 April to 31 March and is due by 31 May following the period end; Financial Flows Returns follow the quarterly periods and filing dates set out in Schedule 1.

The extracted text consists of the draft rules themselves (with tracked changes from the 2023 version) rather than a covering consultation letter, so no explicit consultation response deadline or commencement date is stated in this material; the coming into force date in the draft is left blank pending finalisation.

Key obligations

• Once adopted, a licensee and a registrant must file a Financial Crime Risk Return with the Commission in electronic format covering the period 1 July to 30 June, by 31 October following the reporting period
• Once adopted, a registrant must file a Prescribed Business Return covering activities under Schedule 2 to the Proceeds of Crime Law, for the period 1 July to 30 June, by 31 October following the reporting period
• Once adopted, designated administrators of authorised or registered collective investment schemes must file an Intermediary Annual Multi-Scheme Return covering 1 April to 31 March, by 31 May following the reporting period
• Once adopted, holders of a Banking Supervision Law licence or relevant LCF Law financial firm business licensees must file quarterly Financial Flows Returns by the dates set out in Schedule 1
• Once adopted, a licensee or registrant that acquires a book of business during a reporting period must include data on the acquired business for the entirety of that reporting period in its returns
• Primary fiduciary licensees and cell companies under the Insurance Business Law, IMII Law, Fiduciaries Law or PoI Law must file consolidated returns covering associated secondary licensees or cells as specified

Applies to

banking licensees, insurers (Insurance Business Law licensees), insurance managers and insurance intermediaries (IMII Law), fiduciary licensees (Fiduciaries Law), investment business and collective investment scheme administrators (Protection of Investors Law), lending, credit and finance licensees (LCF Law), registrants under Schedule 5 of the Proceeds of Crime Law (prescribed businesses), Protected Cell Companies and Incorporated Cell Companies

Deadlines

• 31 October immediately following the end of the reporting period: Proposed deadline for filing the Financial Crime Risk Return and the Prescribed Business Return (reporting period 1 July to 30 June)
• 31 May immediately following the end of the reporting period: Proposed deadline for filing the Intermediary Annual Multi-Scheme Return (reporting period 1 April to 31 March)
• 31 May / 31 August / 30 November / last day of February: Proposed quarterly filing dates for the Financial Flows Return per Schedule 1, corresponding to reporting periods 1 Jan-31 Mar, 1 Apr-30 Jun, 1 Jul-30 Sep, and 1 Oct-31 Dec respectively