AMLRs impose certain obligations on all persons engaged in relevant financial businesses, as defined by the POCL. This includes the requirement to implement a strong AML/CFT/CPF framework in their organisation including responsibilities to the Regulator and procedures for:
A person carrying out relevant financial business shall undertake customer due diligence measures when:
- establishing a business relationship;
- carrying out a one-off transaction valued in excess of CI$10,000;
- carrying out a one-off transaction that is a wire transfer;
- there is a suspicion of money laundering or terrorist financing; or
- the person has doubts about the veracity or adequacy of previously obtained customer identification data.
Enhanced due diligence should be carried out in certain circumstances in line with the AMLRs.
A person carrying out relevant financial business shall take steps appropriate to the nature and size of the business to identify, assess and understand its money laundering, counter-terrorist financing and counter-proliferation financing risks in relation to:
- a customer;
- the country or geographic area in which the customer resides or operates;
- the products, services and transactions of the person; and
- the delivery channels of the person.
The risk assessment should be kept current and customer due diligence should be repeated at appropriate intervals.
A person carrying out relevant financial business should put procedures in place to ensure that they are aware of all relevant and applicable financial sanctions.
These lists should be consulted during customer due diligence and ongoing monitoring.
A person carrying out relevant financial business shall designate a person at managerial level as the Money Laundering Reporting Officer and a Deputy Money Laundering Reporting Officer.
The MLRO (or DMLRO) is the person to whom a report is to be made of any information or other matter which comes to the attention of a person carrying out relevant financial business and which gives rise to;
- a knowledge or suspicion or reasonable grounds for knowing or suspecting that another person is engaged in money laundering, or terrorist financing; or
- a knowledge or suspicion or reasonable grounds for knowing or suspecting that the transaction or attempted transaction relates to money laundering or terrorist financing.
Once such a report has been made to the MLRO/DMLRO, it is for the MLRO/DMRLO to decide if the information or other matter does give rise to such knowledge or suspicion.
There is a requirement under the AMLRs to provide employees from time to time with training in the recognition and treatment of transactions carried out by, or on behalf of, any person who is, or appears to be, engaged in money laundering, terrorist financing or proliferation financing, or whose assets are subject to targeted financial sanctions applicable in the Islands.
Employees should also be made aware of the procedures which they have to follow in relation to internal systems and controls the Firm has in place to comply with the AMLRs.
Firms of attorneys-at-law carrying out relevant financial business must ensure they have appropriate systems and controls in place to adequately monitor and report on AML. A person carrying out relevant financial business has a duty to keep records as per the AMLRs.
Those within our supervised population have an obligation to allow CARA to conduct on-site visits, provide information requested and attend at CARA’s request.
A person shall not provide any information, make any representation or submit any document to CARA that the person knows to be false or materially misleading or does not believe to be true, or recklessly provide such information.