Publice Notice - Requirement to Register

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Designated Non-Financial Businesses and Professions (“DNFBPs”)

Requirement to Register

Proceeds of Criminal Conduct Act, 1997, as amended (“POCCA”)
Anti-Money Laundering Regulations 2008, as amended (“AML Regulations”)
Anti-Money Laundering and Terrorist Financing Code of Practice 2008, as amended (“AML Code”)
Non-Financial Business (Designation) Notice, 2008 (“DNFBP Notice”)
Financial Investigation Agency Act 2003, as amended (“FIA Act”)

Who does this Public Notice apply to?

This Public Notice applies to all businesses and professions, namely:

  1. Legal practitioners, notaries public or accountants undertaking relevant business, that is, the provision of services to clients, which involve transactions concerning any of the following activities –
    • Buying and selling of real estate;
    • Managing of client money, securities, or other assets;
    • Management of bank, savings or securities accounts;
    • Organisation of contributions for the creation, operation or management of companies; and
    • Creation, operation or management of legal persons or arrangements, or buying and selling of business entities.
  2. Real estate agents undertaking relevant business, that is, the business of acting as a real estate agent when engaged in a transaction for a client concerning the buying and selling of real estate.
  3. Persons engaged in the business of dealing in precious metals or precious stones when such transactions involve accepting a cash payment of $15,000 or more or the equivalent in any other currency.
  4. Persons engaged in the business of buying and selling boats, vehicles, jewellery or other high valued goods such as furniture, machinery and art (relating to paintings and sculptures that are of intrinsic value), when such transactions involve accepting a cash payment of $15,000 or more or the equivalent in any other currency.

Please note that if your business is one of the types of businesses highlighted above but your business currently does not engage in transactions that involve accepting a cash payment of $15,000 or more, your business will not be required to register at this time. HOWEVER, if at any time in the future there is an increase or a change in your business transactions whereby your business is engaging in transactions, which involve accepting a cash payment of $15,000 or more , you will be required to notify the Agency IMMEDIATELY of this change, as your business will at that stage be conducting relevant business and will be legally obligated to register with the Agency.

Additionally, for the professions highlighted above, namely legal practitioners, notaries public, accountants, and real estate agents, who may not be conducting relevant business currently, please note that the obligation to immediately inform the Agency will also apply to you if your services change in the future to include any of the specified activities above.

What is the penalty for failure to Register?

Where a business or profession undertaking relevant business fails to register with the Financial Investigation Agency (FIA) pursuant to section 5C (3) of the FIA Act, as amended, he, she or it is liable to a penalty of one hundred dollars for each day that non-compliance with the requirement to register continues, up to a maximum of five thousand dollars.

Who should you contact?

To commence the registration process, kindly contact the Agency’s Supervision and Enforcement Unit at telephone number 284-852-3200 or via email at [email protected]. Alternatively, for further information, please visit the Agency’s website on https://fiabvi.vg/Supervised-Entities.
 

 

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Attachments

  1. PublicNotice-RequirementtoRegister.pdf 11/10/2023 2:08:45 AM