{"id":173,"date":"2016-06-17T20:14:26","date_gmt":"2016-06-17T20:14:26","guid":{"rendered":"http:\/\/fiu.ict.gov.bz?page_id=173"},"modified":"2016-06-20T19:02:01","modified_gmt":"2016-06-20T19:02:01","slug":"reporting-entities","status":"publish","type":"page","link":"https:\/\/fiubelize.org\/?page_id=173","title":{"rendered":"Reporting Entities"},"content":{"rendered":"<h2>What are reporting entities?<\/h2>\n<p>Those businesses identified in the schedule section two of the Money Laundering and Terrorism (Prevention) Act 2008 who are required to meet under a number of obligations such as:<\/p>\n<ul class=\"list-pad\">\n<li>Implement a compliance regime<\/li>\n<li>Keep records of financial transactions<\/li>\n<li>Identify clients and determine the third parties involved in relevant transactions<\/li>\n<li>Report certain financial transaction to FIU<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Who and What must report?<\/h2>\n<ol class=\"list-pad\">\n<li>Acceptance of deposits and other repayable funds from the public.<\/li>\n<li>Lending, including consumer credit, mortgage credit, factoring (with or without recourse) and financing of commercial transactions.<\/li>\n<li>Financial leasing.<\/li>\n<li>Transfer of money or value.<\/li>\n<li>Money and currency changing.<\/li>\n<li>Pawning.<\/li>\n<li>Issuing and administering means of payment (such as credit and debit cards, traveler&#8217;s cheques, money orders, banker&#8217;s drafts and electronic money).<\/li>\n<li>Issuing financial guarantees and commitments.<\/li>\n<li>Trading for own account or for account of customers in money market instrument (such as cheques, bills, certificates of deposit, derivatives) , foreign exchange, financial futures and options, exchange and interest rate instruments, transferable securities and commodity futures trading.<\/li>\n<li>Credit unions.<\/li>\n<li>Participation in securities issues and the provision of financial services related to such issues.<\/li>\n<li>Advice to undertakings on capital structure, industrial strategy and related questions, and advice and services relating to mergers and the purchase of undertakings.<\/li>\n<li>Portfolio management and advice whether individual or collective.<\/li>\n<li>Safekeeping and administration of securities.<\/li>\n<li>Safekeeping and administration of cash or liquid securities on behalf of other persons.<\/li>\n<li>Otherwise investing, administering or managing funds or money on behalf of other persons.<\/li>\n<li>Gambling houses.<\/li>\n<li>Casinos.<\/li>\n<li>Internet Casinos or Online Gambling.<\/li>\n<li>Buying or selling of gold bullion.<\/li>\n<li>Insurance business.<\/li>\n<li>Venture risk capital.<\/li>\n<li>Unit trusts.<\/li>\n<li>A trust or company service provider not otherwise covered by this schedule, which as a business, provides any of the following services to third parties:\n<ol class=\"alphabet list-pad\">\n<li>Acting as formation agent of legal persons;<\/li>\n<li>Acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;<\/li>\n<li>Providing a registered office; business address or accommodation, correspondence or administrative address for company, a partnership or any other legal person or arrangement;<\/li>\n<li>Acting as (or arranging for another person to act as) a trustee of an express trust;<\/li>\n<li>Acting as (or arranging for another person to act as) a nominee shareholder for another person.<\/li>\n<\/ol>\n<\/li>\n<li>International (or Offshore) banking business as defined in the International Banking Act.<\/li>\n<li>Lawyers, notaries, other independent legal professionals, accountants, auditors and tax advisers, when they prepare for or carry out transactions for their clients concerning the following activities:\n<ol class=\"alphabet list-pad\">\n<li>buying and selling of real estate;<\/li>\n<li>managing of client money, securities or other assets;<\/li>\n<li>management of bank, savings or securities accounts;<\/li>\n<li>organization of contributions for the creation, or management of companies;<\/li>\n<li>creation, operation or management of legal persons or arrangements, and buying and selling business entities.<\/li>\n<\/ol>\n<\/li>\n<li>Dealing in real estate when the persons dealing are involved in transactions concerning the buying and selling of real estate.<\/li>\n<li>Dealing in precious metals and dealing in precious stones.<\/li>\n<li>Dealing in vehicles.<\/li>\n<li>Engaging in international financial services as defined in the International Financial Services Commission Act.<\/li>\n<li>A business operating in Free Zone<\/li>\n<li>Non-Governmental Organization<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2>What is reported?<\/h2>\n<ol class=\"list-pad\">\n<li>Suspicious transactions related to either money laundering or terrorist financing regardless of dollar value, as well as suspicious attempted transactions.<\/li>\n<li>The existence of terrorist properly in their possession or control, or information about transaction or proposed transaction in respect of such property.<\/li>\n<li>Cross-border movements of $10,000 or more in currency or monetary instruments.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>What are reporting entities? Those businesses identified in the schedule section two of the Money Laundering and Terrorism (Prevention) Act 2008 who are required to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-173","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/fiubelize.org\/index.php?rest_route=\/wp\/v2\/pages\/173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fiubelize.org\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/fiubelize.org\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/fiubelize.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fiubelize.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=173"}],"version-history":[{"count":9,"href":"https:\/\/fiubelize.org\/index.php?rest_route=\/wp\/v2\/pages\/173\/revisions"}],"predecessor-version":[{"id":186,"href":"https:\/\/fiubelize.org\/index.php?rest_route=\/wp\/v2\/pages\/173\/revisions\/186"}],"wp:attachment":[{"href":"https:\/\/fiubelize.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}