The AML Regulations apply to regulated funds registered with CIMA as well as unregulated investment entities such as private equity or closed-ended funds and structured finance vehicles that are not registered with CIMA, other entities carrying out relevant financial business potentially including entities such as trading subsidiaries, SPVs and general partners (where appropriate).
From 1 June 2018, new entities must be able to immediately demonstrate compliance with this requirement. Registered funds will need to designate the AMLCO, MLRO and DMLRO via the REEFS portal. CIMA has no current plans for REEFS filings by unregistered investment entities. Such entities may have to otherwise demonstrate their AMLCO, MLRO and DMLRO appointments and compliance with the AML Regulations in due course, however.
The AMLCO is required to have AML oversight of an investment entity’s activities, going beyond investor related AML issues and compliance. The designated individual will be required to take measures to develop and maintain systems and controls, regularly reporting to and advising the Board of issues that should be addressed and liaising with and responding to requests from relevant regulatory bodies and authorities. The MLRO and DMLRO will serve as the key points of contact for all suspicious activity reports and will be responsible for reporting suspicious activity to the appropriate authorities.
The same person can act as the AMLCO and either the MLRO or DMLRO. The MLRO and DMLRO must be separate persons. All persons appointed must have adequate and appropriate knowledge and expertise to perform the function and should demonstrate autonomy in their ability to carry out their designated function.
Bell Rock AML Compliance Services
Bell Rock is a leader in truly independent fiduciary services and can provide experienced, qualified and independent individuals to act in the three roles outlined above. Please contact us for further information: firstname.lastname@example.org