FAQS

The following are some of the key differences of the new Ordinance:

1. All companies must use a licensed Company Manager as its Registered Agent;
2. No requirement to file Memoranda of Association
3. Establishment of a central registry of beneficial owners of companies
4. Updated provisions for mergers, amalgamations, consolidations and the registration of charges

Nothing! When the Companies Ordinance 2017 comes into force the old Companies Ordinance will continue for a 9 month transition period. During that period companies can continue to exist under the old Ordinance however ALL Companies must be registered under the Companies Ordinance 2017 by 1^stNovember 2018. Companies may elect to voluntarily register under the Companies Ordinance 2017 during the transition period or wait until 1^st November 2018 to be automatically registered.

Registration under the new Ordinance is mandatory; the only issue is the timing. Early registration allows companies to take advantage of the free or reduced registration fee period and to immediately secure the benefits of the new Ordinance. To take advantage of these benefits each company must file an application for registration under the new Companies Ordinance before 1^st November 2018

Existing companies that have not registered under the new Ordinance before 1^st November 2018 will be automatically registered on that date. They will be registered with their existing articles, which will remain in effect with the exception of provisions which are inconsistent with the requirements of the new Ordinance. Automatically registered companies will have specific time lines within which to appoint a registered agent and file relevant notices of directors and registered agent. Failure to comply with these requirements will result in a company being struck off the Register of Companies. There will be a fee payable upon making these filings.

If a company is not voluntarily registered it will be automatically registered on 1^st November 2018. After automatic registration companies will have a short time to become compliant and will be required to file new Notices with the Registrar. If after the period to become compliant the company fails to do so the Registrar will take necessary steps to have the company struck from the Register of Companies.

Yes! The Companies Ordinance 2017 requires every company to appoint a licensed company manager/agent as its registered agent throughout its life.  The Registrar will be entitled to strike a company from the Register for failure to appoint a registered agent.  The registered agent is responsible for filing documents, maintaining information and paying fees on behalf of the company.  The registered agent also has certain compliance responsibilities under this and other related Ordinances. 

If a company which is already managed by an agent that is licensed under the Company Management Licensing Ordinance voluntarily registers the company will have to formally appoint the agent as its Registered Agent under the Companies Ordinance 2017. In addition to the Notice of the appointment of the Registered Agent the Company must file evidence that the Registered Agent of consents to so act.

If a company is automatically registered and the agent is licensed under the Company Management Licensing Ordinance the agent will upon automatic registration be deemed the Registered Agent under the Companies Ordinance 2017. In those circumstances the company will have to file a Notice of Registered Agent with evidence that the Registered Agent of consents to so act by 14^th November 2017

A list of contact details for licensed Company Managers/Agents may be found on the Financial Services Commission Website

Please note that the Registry is not the competent authority to advise individuals on the advantages or consequences of voluntarily and/or automatic registration; accordingly, our staff are not authorised to provide such advice. In the event you require such guidance you are invited to seek independent legal advice or consult with a licensed Company Manager or Agent.

There are four main activities involved in supervising banks and trust companies:

• The development of regulatory requirements such as laws and prudential guidelines;
• On-site examinations;
• Off-site surveillance such as financial analysis and
• Consolidated supervision particularly liaising with other regulators that supervise financial groups that operate in the Turks and Caicos Islands.

Forms TM 1 TM2 and TM 3.

One month after the Official Publication in the Government Gazette.

Classes 1 – 34 are classification of goods (Pursuant to the Trademark Rules 1998).
Classes 35 -45 are classification of services (Pursuant to the Trademark Rules 1998).

$375.00

Yes.

No. A patent has to be registered in the United Kingdom Patent Office and a certificate has to be issued to the Applicant before it can be registered in the TCI. The TCI only grants an extension of the UK Rights to Patents which are registered in the United Kingdom.

$ 100.00.

20 years in the United Kingdom. When filed in the TCI, it will expire on the same date as it expires in the UK.

Regulation 6 of the Insurance Ordinance requires that a minimum paid-up capital of $100,000 and $180,000 for general insurance and life insurance companies respectively. The Commission’s policy is for those amounts to be held to the Commission’s order in locally licenced banks. The Commission may require amounts higher than the minimum to be held.

The Commission does not publish a list of Approved Direct Writers. Direct Writers are approved at the time of approval of new applications and when subsequent request for additions are made by a companies.

An application for a licence is considered complete only when all the required documents and supporting information are submitted to the Commission and the applicable application fees paid. Once an application is complete, it will be reviewed and sent to the Licensing Committee for consideration of approval.

PARCs are not required to hold restricted deposits. Companies licenced only under Section 4 of the Insurance Ordinance (captive and domestic Insurers) are required to hold restricted deposits.

The Commission recommends a minimum of US$5,000 Paid-up Capital for PARC’s.

PARCs are not required to hold restricted deposits. Companies licenced only under Section 4 of the Insurance Ordinance (captive and domestic Insurers) are required to hold restricted deposits.

Pursuant to Section 4 of the Insurance Ordinance 1990, persons wishing to carry on insurance business in or from within the TCI must first make an application to the Commission using the prescribed form accompanied by the prescribed fee.

Insurers and Intermediaries are required to provide key information to the Commission. The prescribed forms can be found in the Insurance Forms section.

How do I file a complaint against an insurer?

Step 1: Make your complaint to the company

An attempt at resolving the complaint should be first made with the Insurer. It is advisable that a written complaint be submitted to the Insurer addressed to the official designated by the Company to address such complaints.

It is advisable that you maintain a record of communication sent to Insurer pertaining to your complaint.

Step 2: Obtain a written position on the complaint

If you are unable to resolve your complaint with the Insurer, kindly request from the Insurer their written position on the issue. It is advisable that you maintain a record of communication received from the Insurer pertaining to the complaint.

Step 3: Write to the Commission

• If your complaint is not resolved, submit a written complaint to the Commission at :-

• Kindly provide the Commission with a summary of your complaint, giving a clear description of the issue.
• Also; provide the Commission with a copy of all documents relating to your complaint (i.e. letters, emails, contracts, bills, invoices etc.). Please note that documents sent to the Commission will not be returned.

Step 4: The Commission will review and investigate your written complaint

Upon receipt of your complaint, the Commission will contact you regarding an appointment for you to come in and speak with a representative of the Insurance division. Kindly note that you may be required by the Commission to provide further details of your complaint orally and/or in writing.

The Commission will investigate all complaints received, and will provide you with a written status update on the matter. However, although the Commission will investigate breaches of the relevant legislation, the Commission cannot act on your behalf should the complaint require court intervention. Once our investigation has been concluded, the Commission will provide you with a written response on the proposed remedy for your complaint, or advise if this is a matter that you should take to an attorney.

Special Dispensation is an approval granted to licenced insurance brokers by the Commission in specific circumstances, which allows one to take out a policy or contract of domestic business with one or more unlicenced insurers.

Special Dispensation is granted in cases where the insurance cover being sought is not available locally, where the risks are too large to be covered by local market insurers or where no insurer is willing to accept the business. The following conditions must be met for Special Dispensation to be granted:

• The insurer has not been refused a licence under the Ordinance;
• The insurer must be of sound reputation;
• The proposed volume of business to be placed is inadequate to support the payment of fees of an insurer’s licence or that some good and sufficient reason exists;
• The need for cover is self-evident (in terms of additional capacity, or policy coverage or otherwise).

The Special Dispensation is usually granted for a period of one year or a blanket approval can be granted without the need to seek approval on a case by case basis for specific classes of business.

Licenced Insurers

Licenced Insurers are required to submit the following:

1. Quarterly Returns

Guidelines issued pursuant to Section 43 of the Financial Services Commission Ordinance (“FSCO”) requires licenced domestic insurance companies to file Insurance Supervisory Returns to the Commission within one month after the end of each calendar quarter. The Insurance Supervisory Returns are to be prepared in accordance with the explanatory notes contained in the Guidelines for Insurance Supervisory Returns, and using the template provided by the Commission.

These returns are unaudited, completed for domestic (TCI) insurance business only, and are described as follows:

1. Cover Page: enter the Company Name, the reporting period and the type of return being submitted.
2. The Business Revenue Account (BRA) Sheet: information entered on this page will be entered automatically in their respective cell on the Income Statement.
3. Income Statement
4. Statement of Retained Earnings
5. Liabilities, Capital and Reserves
6. Assets
7. Section 6(3) Assessment
8. Solvency Assessment

Domestic insurance companies are required to make separate filings on their local operations and on their worldwide operations while external insurance companies are required to provide information on their operations in the Turks & Caicos Islands only.

Insurers are also advised to include Notes to their Insurance Supervisory Returns disclosing the type of business written and any major financial changes for the quarter.

         2.  Annual Returns

Section 10 of the Insurance Ordinance, Regulation 14 of the Insurance Regulations, and Guidelines issued pursuant to Section 43 of the FSCO require every licenced Insurer to submit within three (3) months of the end of its financial year Annual Returns which comprise the following:

1. Consolidated Audited Financial Statements: This is the Audited Financial Statements which includes domestic (TCI) and non-domestic insurance business.
2. Audited Financial Statements for domestic TCI business only.  
3. A copy of the Auditors’ Management Letter: This should also include the company’s response to the issues raised by the external auditor.
4. Audited General Revenue Account (by lines of business) for domestic TCI business only.
5. Insurance Supervisory Returns – Annual Returns based on the figures reported in the Audited Financial Statements for TCI business only.
6. Form AS 7/04: CEO Annual Certificate.
7. Form ASS 2/99: Independent Auditor’s Assessment as to Solvency for both domestic (TCI) business and consolidated if applicable.
8. Form SAS 2/99: Solvency Assessment Schedule for both domestic (TCI) business and consolidated if applicable. Insurers are required to complete the Applicable Schedule for general only, long term only or composite business respectively.
9. ASBRC Form 2/99: Statutory Books and Records.
10. Direct Confirmation from the financial institution holding the restricted deposit of the amount of the deposit as at the financial year end, and, that the funds are held to the order of the Commission.
11. Summary of the current reinsurance arrangements for the classes of business underwritten in respect of domestic (TCI) business.
12. Copies of all current Reinsurance Treaties in respect of domestic (TCI) business.
13. Annual Compliance Report Form: To be completed in respect of domestic (TCI) business only.
14. Where an insurer has a branch or a subsidiary in the Turks and Caicos Island, written confirmation that it accepts responsibility for all contracts issued, all acts, omission, liabilities of such branch or subsidiary.
15. In accordance with Section 6(9) of the Insurance Ordinance Insurance companies carrying out long term insurance are required to prepare and submit, at least once in every three years, an Actuarial Valuation of its assets and liabilities certified by its actuary.

NB: In respect of (7) and (8) above, a solvency assessment is not required if the business is an Ordinary (TCI) Limited Company and does not carry out business in the Turks and Caicos Islands

Brokers

Section 11(2) of the Insurance Ordinance and Guidelines issued pursuant to Section 43 of the FSCO require every licenced Insurance Broker to submit to the Commission within three (3) months of the end of their financial year Annual Returns which comprise the following:

1. Audited Financial Statements
2. Form IBKR/1: Broker Annual Certificate
3. Copy of current Professional Indemnity Insurance
4. Schedule SPD/1/98: Special Dispensation Declaration Form – Brokers are required to provide a list of all the placements made with unlicensed (TCI) insurers during the year.
5. Annual Compliance Report Form

Agents

Section 11(1) of the Insurance Ordinance and Guidelines issued pursuant to Section 43 of the FSCO require every licenced Insurance Agent to submit to the Commission within three (3) months of the end each calendar year Annual Returns which comprise the following:

1. Form IA/1: Agent Annual Certificate
2. Evidence of the existence of power of attorney, agency agreement or guarantee or professional indemnity insurance.
3. Annual Compliance Report Form

Insurance Manager/ Principal Representatives

Section 11(4) of the Insurance Ordinance and Guidelines issued pursuant to Section 43 of the FSCO require every licenced Insurance Manager and Principal Insurance Representative to submit Annual Returns to the Commission by 31^st March each year which comprise the following:

1. Annual Compliance Statement: A copy of which is available on the TCIFSC website
2. Form ASBRC 2/99: Statutory Books and Records
3. Copy of current Professional Indemnity Insurance
4. Annual Compliance Report Form

Sub- Agents

Section 11(3) of the Insurance Ordinance and Guidelines issued pursuant to Section 43 of the FSCO require every licenced Sub- Agent to submit Annual Returns to the Commission by 31^st March which comprise the following:

1. Confirmation in writing that the sub-agent is acting for only one insurance agent or insurance broker
2. Name of insurance agent or insurance broker that the sub-agent is acting for
3. If the sub-agent is a company – Confirmation that the TCIFSC was notified of all changes or proposed changes in the information (including those in its Business Plan) contained in or supplied in connection with the Company’s application for its TCI Insurance License.
4. Annual Compliance Report Form

The Commission has a cadre of Insurance Analyst staff possessing a wealth of experience in regulatory insurance, business and financial management, who conducts periodic assessments and reviews of individual licencees. These assessments include detailed financial review and statistical analysis along with industry data and known market conditions. Insurance personnel further ensure that all licencees are compliant with the respective licensing requirement and insurance best practices.

There are two types of banking licences issued under the Banking Ordinance: (1) a national banking licence and (2) an oversea banking licence. However, both a national banking licence and an oversea banking licence can be issued to the same entity.

There are two types of trustee licences issued under the Trust Ordinance: (1) a restricted licence and (2) an unrestricted licence.

There are four main activities involved in supervising banks and trust companies:

• The development of regulatory requirements such as laws and prudential guidelines;
• On-site examinations;
• Off-site surveillance such as financial analysis and
• Consolidated supervision particularly liaising with other regulators that supervise financial groups that operate in the Turks and Caicos Islands.

The Commission has issued guidance on complaints against licence holders. The guidance note can be found in the Complaint against Licence Holders section of the website.

The Commission is unable to recommend a particular bank or trust company. However, you may view a complete list of all banks and a complete list of all trust companies regulated by the Commission.

The commission website lists all regulated banks and trust companies. On the Commission’s website, select the “Banking” tab and click on “licenced banks” or click here to go directly to the page. And on the “Trusts” tab, click on “Trust Companies” or click here to go directly to the relevant page. If the bank and or trust company you are looking for does not appear on the lists but is advertising itself as being licenced in the TCI, please let us know as it might represent some form of fraudulent activity.

The commission website lists all regulated banks and trust companies. On the Commission’s website, select the “Banking” tab and click on “licenced banks” or click here to go directly to the page. And on the “Trusts” tab, click on “Trust Companies” or click here to go directly to the relevant page. If the bank and or trust company you are looking for does not appear on the lists but is advertising itself as being licenced in the TCI, please let us know as it might represent some form of fraudulent activity.

There are two types of banking licences issued under the Banking Ordinance: (1) a national banking licence and (2) an oversea banking licence. However, both a national banking licence and an oversea banking licence can be issued to the same entity.

There are two types of trustee licences issued under the Trust Ordinance: (1) a restricted licence and (2) an unrestricted licence.

There are four main activities involved in supervising banks and trust companies:

• The development of regulatory requirements such as laws and prudential guidelines;
• On-site examinations;
• Off-site surveillance such as financial analysis and
• Consolidated supervision particularly liaising with other regulators that supervise financial groups that operate in the Turks and Caicos Islands.

The Commission has issued guidance on complaints against licence holders. The guidance note can be found  in the Complaint against Licence Holders section of the website.

The Commission is unable to recommend a particular bank or trust company. However,  you may view a complete list of all banks and a complete list of all trust companies regulated by the Commission.

Company Manager is a person who engages in the business of Company Management. A Company Agent, also referred to as a Registered Agent is a person who engages in the business of Company Agent. Both the Company Manager and Company Agent are commonly called Corporate Service Providers and must be resident in the TCI.

In determining whether an individual is “fit and proper” the Commission will assess applicants against its fit and proper guidelines including a person’s : (a) integrity, honesty and reputation (b) knowledge and experience and (c) Financial Stability.

information that must be submitted for the approval of Directors/Shareholders/Senior Officers of licence holders: Application for approval of changes of shareholders, directors and Officers of a Regulated Business, biographical affidavit, statement of affairs, curriculum vitae, professional reference, bank reference from a regulated commercial bank within the TCI or country of permanent residence, police certificate from place of permanent residence, and certified copy of passport photo page.

A list of Company Managers & Agents in the TCI can be obtained via this website.

A Professional Indemnity Insurance is a type of insurance designed to protect your business against losses arising out of claims of negligence or breach of duty by the licencee or by an employee of the licencee, against dishonesty of the licencee or employees of the licencee and loss of documents. Both the Insurance Company and policy amount should be approved by the Commission as stated in the Company Management (Licensing) Ordinance.

In determining whether an individual is “fit and proper” the Commission will assess applicants against its fit and proper guidelines including a person’s : (a) integrity, honesty and reputation (b) knowledge and experience and (c) Financial Stability.

information that must be submitted for the approval of Directors/Shareholders/Senior Officers of licence holders: Application for approval of changes of shareholders, directors and Officers of a Regulated Business, biographical affidavit, statement of affairs, curriculum vitae, professional reference, bank reference from a regulated commercial bank within the TCI or country of permanent residence, police certificate from place of permanent residence, and certified copy of passport photo page.

A Professional Indemnity Insurance is a type of insurance designed to protect your business against losses arising out of claims of negligence or breach of duty by the licencee or by an employee of the licencee, against dishonesty of the licencee or employees of the licencee and loss of documents. Both the Insurance Company and policy amount should be approved by the Commission as stated in the Company Management (Licensing) Ordinance.

A Mutual Fund cannot be operated without appointing an investment adviser/Fund Manager who will acquire, hold, manage or dispose of the fund’s investments and advise the fund on a continuing basis on its investments as stated in the Mutual Funds Ordinance 1998.

In determining whether an individual is “fit and proper” the Commission will assess applicants against its fit and proper guidelines including a person’s : (a) integrity, honesty and reputation (b) knowledge and experience and (c) Financial Stability.

information that must be submitted for the approval of Directors/Shareholders/Senior Officers of licence holders: Application for approval of changes of shareholders, directors and Officers of a Regulated Business, biographical affidavit, statement of affairs, curriculum vitae, professional reference, bank reference from a regulated commercial bank within the TCI or country of permanent residence, police certificate from place of permanent residence, and certified copy of passport photo page.

A Professional Indemnity Insurance is a type of insurance designed to protect your business against losses arising out of claims of negligence or breach of duty by the licencee or by an employee of the licencee, against dishonesty of the licencee or employees of the licencee and loss of documents. Both the Insurance Company and policy amount should be approved by the Commission as stated in the Company Management (Licensing) Ordinance.

The bank is required to submit an independent verification stating that the required capital is being held and will not be reduced or transferred without the expressed written permission of the Financial Services Commission.

The applicant must demonstrate the relevant work experience, appropriate knowledge, qualifications and skills in the context of the position in question.

There is no difference. In 2010 when amendments to the Proceeds of Crime Ordinance and The Regulations were enacted it was considered that the use of the term Non-Regulated Financial Business (NRFB) was the most appropriate collective name.

Subsequent to the 2010 amendments the terminology adopted by the Financial Action Task Force, became Designated Non Financial Businesses and Professions (DNFBP) has become widely accepted. The change recognises the inclusion of a number of types of business generally referred to as Dealers in High Value Goods and which clearly are not financial businesses in any form.

Appropriate amendments will be made to the Proceeds of Crime Ordinance and the Regulations in due course.

An important component of an efficient anti-money laundering regime is the adoption of a risk based approach to the requirements of the regulations and the Code. Adoption of the risk based approach must be supported by a risk assessment which is carried out at the levels of the Turks and Caicos Islands, as a whole, each designated profession and finally at the individual business entity level.

The information requested on the size and source of business will contribute to the jurisdiction and profession level risk assessment.

Yes. The business of an independent legal professional is a specific category within the definition of Designated Non Financial Businesses and Professions.

Trust and Company Management businesses are separately regulated by the Commission through the Company Management (Licencing) Ordinance and The Trusts Ordinance. Regulatory oversight includes compliance with the Regulations.

Yes. The regulations do not distinguish between residential and commercial estate agency work.

Yes. Registration renewals will be required at three yearly intervals from the date of first registration.

Material changes to the details provided on registration must be advised in writing to the Commission, within 30 days, by providing an updated Application to Register.

Yes. See Regulation 22(5).

It is up to the management of the individual business to organise themselves in a cost efficient way at the same time as ensuring that they remain compliant.

The objective is to have the most qualified or experienced person(s) in these roles.

Regulations 21 and 22 require that these appointments be approved by the Supervisor.

Yes but subject to prior approval of the Commission. (Please refer to The Code Section 7.)

It must be remembered that overall accountability for compliance with the Regulations shall always remain with the most senior person in the organisation. The decision to outsource does not remove that accountability.

Careful consideration is necessary to assess the skills and experience provided by the firm undertaking the outsourced work and this must be demonstrated to the Commission to support any request.

A clear and documented form of agreement must exist between both entities to ensure roles and responsibilities are understood.

The Regulations require that all clients must have appropriate due diligence information. That due diligence includes identification.

It is recognised that with existing clients it will be time consuming to complete due diligence as a single exercise. It is therefore understood that a transitional period must apply to allow for due diligence information to be collected at the time of client interaction.

Therefore businesses and professions are allowed a six month period from registration to put in place complete due diligence on existing customers.

No, not if that is the only issue. The Commission will be providing specific training to those individuals in the respective roles. This training will open to all Money Laundering Compliance Officers and Money Laundering Reporting Officers, however those officers with limited experience will be expected to attend and such attendance will be a factor in determining continuing registration.

The business must have an effective Anti-Money Laundering and Countering Terrorist Financing regime. The following high-level guidelines are provided as a framework, and further details will be provided on the website and in the training material.

1. Put in place risk sensitive policies and procedures to identify and verify the customer’s identity before entering into a business relationship or transactions and to obtain information on the purpose or nature of the business transaction.
2. Put in place checks, controls and procedures in order to prevent as far as possible money laundering or terrorist financing.
3. Train staff in these procedures and in the law relating to money laundering and terrorist financing.
4. Appoint a Money Laundering Compliance Officer and Money Laundering Reporting Officer, the latter individual being responsible for reporting suspicious activity to the Turks and Caicos Islands Financial Intelligence Unit. Regulations 21 and 22 require that these appointments be approved by the Supervisor.
5. Maintain records used to establish customers identity and of business relationships for a minimum of five years.

Sector Specific Guidance Notes will be provided as soon as possible.

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.

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.

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.

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:
   1. the purpose, objectives, and activities
   2. the identity of the persons who control or direct its activities, including, as appropriate, senior officers, directors and trustees
   3. the identity, credentials and good standing of its beneficiaries and associate non-profit organisations
   4. financial records that show and explain its transactions, within and outside the Islands, and that are sufficiently detailed to show that its funds have been used in a manner consistent with its purposes, objectives and activities, and show the source of its gross annual income.
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

A completed DNFBP Application Form specific to the sector of interest must be submitted. Note that address verification must be supplied along with one form of ID, preferably a passport. All owners holding 10% or more ownership interest in the DNFBP, directors (or equivalent), managers, the Money Laundering Compliance Officer, and Money Laundering Reporting Officer must also submit a Personal Declaration Questionnaire.

If you would like to deregister an DNFBP, firstly you must be the sole owner in the case of a sole proprietorship, the partners in the case of a partnership, the directors in the case of a company, or a person authorised by the registrant. A voluntary deregistration form must be completed and submitted with supporting materials provided where necessary e.g. resolution of the directors recording the decision to deregister.

Upon initial registration, a $50.00 business name registration fee is required and a $150.00 DNFBP registration fee. 

The business must have an effective Anti-Money Laundering and Countering Terrorist Financing Compliance Program reflective of its circumstances. The following high-level guidelines are provided as a framework.

1. Carry out a money laundering, terrorist financing risk assessment of the business on the basis of ML/TF risks posed by customers, the products and services offered, its organisational structure, the channels used to deliver its products and services, the geographic connections of the business based on the location of its operations, its customers, etc.

2. Apply customer due diligence (CDD) measures before entering a business relationship or transactions with a customer and obtain information on the purpose or nature of the business transaction.

3. Put in place checks, controls, and procedures to prevent as far as possible money laundering, terrorist financing or proliferation financing.

4. Train staff in these procedures and in the law relating to money laundering and terrorist financing.

5. Appoint a Money Laundering Compliance Officer and Money Laundering Reporting Officer, the latter individual being responsible for reporting suspicious activity to the Turks and Caicos Islands Financial Intelligence Agency. Regulations 21 and 22 require that these appointments be approved by the Supervisor.

6. Maintain records used to establish customers identity and of business relationships for a minimum of five years.

7. Report suspicious activity to the Financial Intelligence Agency

8. Submit an Update Form by 31st January each year

9. Notify the DNFBP Supervisor of the intended change of owners, directors, managers, the money laundering compliance officer, and money laundering reporting officer.

Company Managers and Agents