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AML/ctf

NPOs

 

How to register an NPO?

A completed NPO Application Form must be submitted. The registration application form should be accompanied by the NPO controller declaration form.  Address verification of all controllers must be provided. Also, a passport or another form of primary ID must accompany the application. Personal Declaration Questionnaire for all individuals serving as controllers must be submitted as well.

Financial information on the organisation for the last three years is required. Note: If the organisation has not been in operation for three years, financial information should be provided on the years in operation.

Governing document for the organisation must accompany the application. Note that keen attention should be paid to this section. Ensure that controllers of the organisation have signed this document and date of establishment of organisation is clearly stated.

 

How to voluntarily de-register and NPO?

In the event that you want to deregister your NPO, the Voluntary deregistration form must be completed and submitted. Note that only a controller of the organisation has the authority to make such a request.

The request for de-registration may take up to five working days to be processed. A notice of de-registration in the form of a letter confirming de-registration will be provided to the person signing the form.

The NPO Register will be updated with the details of the de-registration. Upon de-registration, the NPO must immediately return the original NPO Certificate of Registration to the NPO Supervisor.

 

What fees does an NPO pay?

The NPO is required to pay an initial registration fee of $150.00. Additionally, there is an annual fee of $100.00 to be submitted along with the yearly financial report of the organisation. A controller of a non-profit organisation shall prepare and submit annually to the NPO Supervisor, financial statements on the organisation’s financial activity.

 

What is a Suspicious Activity Report (SAR)?

  1. A NPO shall have at least two controllers
  2. An NPO must submit financial statements using the NPO Financial Reporting Form by 30 June or within six months of its financial yearend as set out in its governing document. NPOs with an annual income that exceeds $500,00 must submit financial statements certified by an accountant
  3. An NPO must submit an Update Form by 30 June each year
  4. A NPO shall issue written notification to inform the NPO Supervisor of any changes to the organisation within fourteen days of such change occurring.
  5. Maintain records of:
  6. Maintain the records above for a period of at least five years
  7. Proper maintenance of accounts
  8. Report suspicious activity to the Financial Intelligence Agency

 

What is Customer Due Diligence?

Customer Due Diligence refers to the measures that financial businesses put in place to protect it and the country from the risk of being used for money laundering and terrorist financing.

CDD information generally comprises of identification and relation information and any other information that may be requested on a risk sensitive basis. It also involves verifying the identity of customers, updating information provided by customer and monitoring and conducting a risk assessment of each customer.

CDD measures should be applied to customers on a risk sensitive basis. CDD measures assists the MLRO and employees to assess whether an activity necessitates that a SAR be reported to the FCU. Additionally, it helps the business to be able to identify fraud and assist law enforcement authorities by providing when necessary information on customers and activities that may be the subject of an investigation.

 

Who is a Politically Exposed Person (PEP)?

The term “Politically Exposed Person” (PEP) is explained in the Anti-Money Laundering and Prevention of Terrorist Financing Regulations (the Regulations) and the Anti-Money Laundering and Prevention of Terrorist Financing Code (the Code). This term generally applies to persons who perform important functions such as Heads of State, those persons who hold Cabinet positions and other senior governmental positions and their spouse and families. It also covers persons who currently hold those positions as well as persons who have held such positions in the past and to persons who become politically exposed after a business would have already commenced.

PEP’S are considered as high risk and in addition to the normal CDD measures; financial institutions should also have policies in place for Enhanced Due Diligence (EDD) to cover persons who present a higher customer risk. The KYC procedures applied by financial institutions, particularly knowing the source of funds, is more stringent for PEP’s than for regular customers.

 

What is Customer Due Diligence?

Customer Due Diligence refers to the measures that financial businesses put in place to protect it and the country from the risk of being used for money laundering and terrorist financing.

CDD information generally comprises of identification and relation information and any other information that may be requested on a risk sensitive basis. It also involves verifying the identity of customers, updating information provided by customer and monitoring and conducting a risk assessment of each customer.

CDD measures should be applied to customers on a risk sensitive basis. CDD measures assists the MLRO and employees to assess whether an activity necessitates that a SAR be reported to the FCU. Additionally, it helps the business to be able to identify fraud and assist law enforcement authorities by providing when necessary information on customers and activities that may be the subject of an investigation.

 

What is Customer Due Diligence?

Customer Due Diligence refers to the measures that financial businesses put in place to protect it and the country from the risk of being used for money laundering and terrorist financing.

CDD information generally comprises of identification and relation information and any other information that may be requested on a risk sensitive basis. It also involves verifying the identity of customers, updating information provided by customer and monitoring and conducting a risk assessment of each customer.

CDD measures should be applied to customers on a risk sensitive basis. CDD measures assists the MLRO and employees to assess whether an activity necessitates that a SAR be reported to the FCU. Additionally, it helps the business to be able to identify fraud and assist law enforcement authorities by providing when necessary information on customers and activities that may be the subject of an investigation.