Financial Crime World

Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008

Registration Requirements for Regulated Non-Financial Businesses or Professions

This section outlines the registration requirements for regulated non-financial businesses or professions.

Key Points

  • A regulated non-financial business or profession may carry on business without being registered for a period of 6 months from the day it is added to Schedule 2.
  • Any dealer in high-value goods registered under this section who accepts cash payments equal to or in excess of BMD $7,500 must make a disclosure to the Financial Investigation Agency (FIA).
  • A person who carries on business contrary to subsection (1) commits an offense and shall be liable:
    • On summary conviction, to a fine of $100,000 or imprisonment for two years or to both.
    • On conviction on indictment, to a fine of $250,000 or imprisonment for five years or to both.

Application Process for Registration

This section discusses the application process for registration and the information required for an application.

Key Points

  • An application to a competent authority for registration must be made in accordance with this section.
  • The information required for an application includes:
    • The applicant’s name and business name
    • The applicant’s address
    • The nature of the business
    • The name of the reporting officer appointed for the purposes of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
  • In certain cases, the applicant must provide information on whether persons associated with the person or entity are fit and proper persons under section 11A.
  • The competent authority may require the applicant to provide further information within 28 days beginning with the date of being requested to do so.
  • If there is a material change affecting any matter contained in the provided information, the applicant must provide details of the change within 28 days or such later time as may be agreed with the competent authority.