Dear Registrant/Licensee:

The annual anti-money laundering and counter-financing of terrorism and proliferation (AML/CFT/CFP) questionnaire has been revised and is now available for your completion.

The following businesses are required to complete and submit the 2021 AML/CFT/CFP questionnaire by September 10, 2021:

  • ~ Securities dealers;
  • ~ Life Insurance Companies; and
  • ~ Insurance intermediaries that are registered to conduct ordinary long term insurance business.

This questionnaire constitutes a supervisory offsite tool that will assist the FSC in its on-going AML/CFT/CFP monitoring activities. The information received from the responses will primarily be used to update the risk profile of each regulated business. Additionally, the information provides a platform to:

  • ~ Deliver valid and pertinent information on a macro basis on the AML/CFT infrastructure, policies, practices and processes that currently exist in the insurance and securities sectors;
  • ~ Establish the areas in the AML/CFT framework where there are widespread vulnerabilities and facilitate the implementation of mitigating measures;
  • ~ Assess the level of AML/CFT compliance within the insurance and securities sectors; and
  • ~ Develop structured customized onsite audit processes that will utilize the data from each entity to facilitate more efficient and streamlined examinations.

The questionnaire can also be used by your entity as a self-evaluation tool, as it should provide indicators of deficiencies and non-compliance within your AML/CFT/CFP programme.

We advise that there are two (2) parts of the questionnaire. Part 1 covers information on the entity (Entity Details) whilst Part 2 has questions on the effectiveness of your AML/CFT/CFP controls, systems and practices. You are required to complete and submit Part 1 before attempting questions on Part 2.

We have uploaded a PDF version of the questionnaire to the website to facilitate your retrieval and collation of the information that is required prior to the inputting of data in the questionnaire. You are not to complete and submit the PDF version. The FSC will only be accepting completed questionnaires through its portal.

Each regulated entity is required to complete the questionnaire. Where there is more than one regulated entity within a group of companies, each licensee/registrant must submit its own completed questionnaire. Where an entity conducts business in multi-regulated sectors, then the entity is required to submit a completed questionnaire on each segment of its FSC regulated business operations.

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Please contact us for any clarification or additional information you may require.

Best regards,
AML Unit

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