The FIAU has today published a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes (‘CISs’) and other related service providers (“Service Providers”).
The Consultation Document provides guidance on how CISs as well as their Service Providers are to meet their obligations in terms of the Prevention of Money Laundering Act and the Prevention of Money Laundering and Funding of Terrorism Regulations, where it is not feasible to refer to the Implementing Procedures – Part I.
Amongst other matters, the Consultation Document seeks to provide guidance and clarifies matters in relation to the following:
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- The main money laundering and financing of terrorism risks associated with CISs;
- The type of due diligence required in respect of underlying customers of nominees, depending on the risk rating of the nominee;
- The manner in which beneficial ownership in respect of CISs is to be determined;
- The manner in which the on-going monitoring obligations are to be applied within the context of CISs and their related Service Providers; and
- The compliance and reporting functions, and outsourcing arrangements, by CISs.
The Consultation Document may be accessed through this link.
Author: Mario Zerafa, Jonathan Camilleri
26th October 2023