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Financial Regulators Guidelines for Accountants, Trust and Company Servicer Providers, and Other DNFBPs

Legislative Status

These guidelines do not constitute additional legislation or regulation and are not intended to set a legal, regulatory, or judicial precedent. They should be read in conjunction with the Banking Act 1987 and the AML Regulations 2002.

Overview of the AML/CFT Legal and Regulatory Framework

The Financial Action Task Force (FATF) is an inter-governmental body that sets global standards for combating money laundering, terrorist financing, proliferation financing, and other related threats to the integrity of the international financial system. The FATF publishes guidance on the risk-based approach to AML/CFT, including sector-specific guidance for DNFBPs.

The RMI’s AML/CFT legislative framework is set out in the Banking Act 1987 and the AML Regulations 2002. The amended AML Regulations 2002 obliges DNFBPs to put in place an effective risk-based AML/CFT framework, which includes the application of a risk-based approach, AML/CFT governance, internal policies, procedures, controls, and training.

Terminology

Throughout these guidelines, “must”, “should”, and “may” are used to contextualize how to understand the various directions. The terms have the following meanings:

• Must: a requirement in legislation or a requirement of a regulation or other mandatory provision.
• Should: good practice for most situations.
• May: an option for meeting your obligations or running your business or profession.

Guidelines for Accountants, Trust and Company Servicer Providers, and Other DNFBPs

[Insert guidelines here]

These guidelines are designed to provide a comprehensive framework for accountants, trust and company servicer providers, and other DNFBPs to comply with the AML/CFT regulations in the RMI. They should be read in conjunction with the Banking Act 1987 and the AML Regulations 2002.

Conclusion

The RMI is committed to combating money laundering and terrorist financing by implementing effective AML/CFT measures. These guidelines provide a framework for accountants, trust and company servicer providers, and other DNFBPs to comply with the AML/CFT regulations in the RMI. It is essential that all relevant parties read and understand these guidelines to ensure compliance with the AML Regulations 2002.

Contact

For further information or clarification on these guidelines, please contact the Banking Commissioner at [insert contact details].