Reporting Entities

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 meet under a number of obligations such as:

  • Implement a compliance regime
  • Keep records of financial transactions
  • Identify clients and determine the third parties involved in relevant transactions
  • Report certain financial transaction to FIU


Who and What must report?

  1. Acceptance of deposits and other repayable funds from the public.
  2. Lending, including consumer credit, mortgage credit, factoring (with or without recourse) and financing of commercial transactions.
  3. Financial leasing.
  4. Transfer of money or value.
  5. Money and currency changing.
  6. Pawning.
  7. Issuing and administering means of payment (such as credit and debit cards, traveler’s cheques, money orders, banker’s drafts and electronic money).
  8. Issuing financial guarantees and commitments.
  9. 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.
  10. Credit unions.
  11. Participation in securities issues and the provision of financial services related to such issues.
  12. Advice to undertakings on capital structure, industrial strategy and related questions, and advice and services relating to mergers and the purchase of undertakings.
  13. Portfolio management and advice whether individual or collective.
  14. Safekeeping and administration of securities.
  15. Safekeeping and administration of cash or liquid securities on behalf of other persons.
  16. Otherwise investing, administering or managing funds or money on behalf of other persons.
  17. Gambling houses.
  18. Casinos.
  19. Internet Casinos or Online Gambling.
  20. Buying or selling of gold bullion.
  21. Insurance business.
  22. Venture risk capital.
  23. Unit trusts.
  24. 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:
    1. Acting as formation agent of legal persons;
    2. 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;
    3. Providing a registered office; business address or accommodation, correspondence or administrative address for company, a partnership or any other legal person or arrangement;
    4. Acting as (or arranging for another person to act as) a trustee of an express trust;
    5. Acting as (or arranging for another person to act as) a nominee shareholder for another person.
  25. International (or Offshore) banking business as defined in the International Banking Act.
  26. 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:
    1. buying and selling of real estate;
    2. managing of client money, securities or other assets;
    3. management of bank, savings or securities accounts;
    4. organization of contributions for the creation, or management of companies;
    5. creation, operation or management of legal persons or arrangements, and buying and selling business entities.
  27. Dealing in real estate when the persons dealing are involved in transactions concerning the buying and selling of real estate.
  28. Dealing in precious metals and dealing in precious stones.
  29. Dealing in vehicles.
  30. Engaging in international financial services as defined in the International Financial Services Commission Act.
  31. A business operating in Free Zone
  32. Non-Governmental Organization


What is reported?

  1. Suspicious transactions related to either money laundering or terrorist financing regardless of dollar value, as well as suspicious attempted transactions.
  2. The existence of terrorist properly in their possession or control, or information about transaction or proposed transaction in respect of such property.
  3. Cross-border movements of $10,000 or more in currency or monetary instruments.