All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
31 Obligation to register with FIU
(1) Every reporting entity to which this Act applies shall register with the FIU within such period and in such manner as may be prescribed by regulations.
(2) The registration of a reporting entity under subsection (1) shall be accompanied by such particulars as may be prescribed by regulations.
(3) The FIU shall establish and maintain a register of every reporting entity registered under subsection (1).
(4) Every registered reporting entity under subsection (1) shall notify the FIU of any changes in the particulars provided, in writing, within a period of 30 days from the date of such change.
(5) Every reporting entity which intentionally fails to register with the FIU as required under subsection (1), or fails to report the changes in the particulars as required under subsection (4), commits an offence, and is liable on conviction to a fine not exceeding SCR100,000.
Obligation to identify and assess money laundering and terrorist financing risks
(2) The registration of a reporting entity under subsection (1) shall be accompanied by such particulars as may be prescribed by regulations.
(3) The FIU shall establish and maintain a register of every reporting entity registered under subsection (1).
(4) Every registered reporting entity under subsection (1) shall notify the FIU of any changes in the particulars provided, in writing, within a period of 30 days from the date of such change.
(5) Every reporting entity which intentionally fails to register with the FIU as required under subsection (1), or fails to report the changes in the particulars as required under subsection (4), commits an offence, and is liable on conviction to a fine not exceeding SCR100,000.
Obligation to identify and assess money laundering and terrorist financing risks
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
