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Section 155 of the Proceeds of Crime Act, 2013 and Regulation 3 of the Non-Regulated Service Providers Regulation, 2019, require that all entities which fall under the NRSP sector be registered by the FIU or be liable of an offence.

Registration Process

  1. The Application Form and the Compliance Officer Fit and Proper Questionnaire MUST be completed and sent to the FIU via email or registered mail (O. Box 1826, Kingstown)
  2. Both forms MUST be accompanied by all relevant documents or information required

 Application Form

The application may either be accepted or refused by the FIU. Refusal may occur where:

  1. The application form is not completed
  2. The application fails to provide requested information/documentation
  3. The applicant does not intend to carry on the relevant business which it seeks registration for
  4. The applicant was previously de-registered
  5. Where it is contrary to public best interest
  6. The applicant poses a significant money laundering or terrorist financing risk
  7. The applicant does not have the capacity or willingness to comply with the specified obligations

Once the application is accepted and the service provider is registered, a Certificate of Registration will be issued. In cases where the application is refused, the applicant will be informed by way of a written letter which will provide details of the reason for refusal.

Compliance Officer Fit and Proper Questionnaire

Each NRSP MUST:

  1. nominate a suitable candidate for the position of Compliance Officer.
  2. complete and submit the Compliance/Reporting Officer Fit and Proper Form to the FIU for approval.
  3. submit the relevant supporting documents such as certified copies of the nominee’s identification and academic and professional qualifications.

The application can be:

  1. Approved
  2. Conditionally Approved
  3. Declined

 

The FIU will inform the NRSP of its decision by way of a written letter.