Anguillian Financial Intermediary Complies with All Applicable Legislation
In a significant move to strengthen anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, a local financial intermediary in Anguilla has ensured that it complies with all applicable legislation, regulations, codes, guidelines, and regulatory directives.
Customer Due Diligence Measures
As part of its efforts, the intermediary has applied customer due diligence measures to all customers, including:
- Directors
- Officers
- Legal owners
- Beneficial owners
The intermediary has also retained due diligence evidence, which cannot be retained by introducing agents.
Providing Due Diligence Information
The intermediary provides the Licensee with all due diligence information, including:
- Significant information obtainable from the due diligence evidence
- Other information as stated in the models
The intermediary agrees to provide due diligence evidence as requested by the Licensee or the Commission without delay, in accordance with section 13(2)(c) and (d) of the AML/CFT Regulations.
Liability
The Licensee remains liable for any failure by the intermediary to apply customer due diligence measures.
Compliance Commendation
“This is a significant step forward in our efforts to combat money laundering and terrorist financing,” said a spokesperson for the Commission. “We commend this financial intermediary for its commitment to compliance with Anguillian legislation.”
Definition of an Intermediary
According to the AML/CFT Regulations, an intermediary is defined as:
- A person who has or seeks to establish a business relationship or to carry out an occasional transaction on behalf of the customer with a service provider
- So that the intermediary becomes a customer of the service provider
Ongoing Monitoring
The Licensee remains responsible for ongoing monitoring, which involves:
- Scrutinizing and analyzing customer due diligence information and evidence obtained
- Ensuring adequate assessment of AML/CFT risk
Commitment to Compliance
By complying with all applicable legislation, regulations, codes, guidelines, and regulatory directives, this financial intermediary has demonstrated its commitment to combating money laundering and terrorist financing in Anguilla.
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