Non Financial Business FAQ

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 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.

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.