Externally and Non-Regulated Service Providers

The Externally and Non-Regulated Service Providers Regulations, 2013 (“ENRSP Regulations”) came into force on 25 September 2013. The ENRSP Regulations were made under the Proceeds of Crime Act, R.S.A. c. P98 (“POCA”), as amended by section 19 of the Proceeds of Crime (Amendment) Act, 2013.

Externally Regulated Service Providers

Section 2(1) of the ENRSP Regulations requires the Commission to establish and keep a register of externally regulated service providers ("ERSP").

The definition of “externally regulated service provider” is set out in section 1(1) and Schedule 3 of the Anti-Money Laundering and Terrorist Financing Regulations, R.R.A. P98-1 (AML/CFT Regulations), as amended by sections 2 and 28 of the Anti-Money Laundering and Terrorist Financing (Amendment) Regulations. The amendments came into force on 25 September 2013 and define the following as an ERSP:

• a person who holds a licence issued under the Banking Act; and
• a person who holds a licence issued under Part 4 or Part 9 of the Securities Act.

Application to register

Section 3 of the ENRSP Regulations requires a person who carries on, or intends to carry on, a relevant business in or from within Anguilla to make an application to be registered for that type of relevant business. The application may be made–

• to the Commission to register an externally regulated service provider; or
• to the Commission as NRSP Supervisor to register a non-regulated service provider.

Money Laundering Compliance Officer / Money Laundering Reporting Officer (“MLCO / MLRO”)

A service provider (other than a sole trader) listed under Schedule 2 of the AML/CFT Regulations is required to appoint an individual approved by the Commission as its MLCO / MLRO in accordance with sections 20 and 21 of the AML/CFT Regulations.

Non-Regulated Service Providers

Section 2(1) of the ENRSP Regulations also requires the Commission as NRSP Supervisor to establish and keep a register of non-regulated service providers ("NRSP"). Schedule 2 of the AML/CFT Regulations lists service providers, some of which are non-regulated, including:

• Independent Legal Professionals;
• Accountants and Auditors;
• Real Estate Agents; and
• High Value Dealers

Section 1 of the AML/CFT Regulations sets out the following definitions:

"'Independent legal professional' means a firm or sole practitioner who, by way of business, provides legal or notarial services to other persons, when preparing for or carrying out transactions for a customer in relation to—

• the buying and selling of real estate and business entities;
• the managing of client money, securities or other assets;
• the opening or management of bank, savings or securities accounts;
• the organisation of contributions necessary for the creation, operation or management of companies; or
• the creation, operation or management of trusts, foundations, companies or similar structures, excluding any activity that requires a licence under the Trust Companies and Offshore Banking Act or the Company Management Act.

'High value dealer' means a person who, by way of business, trades in goods, including precious metals and precious stones, and receives, in respect of any transaction, a payment or payments in cash of at least $35,000, or the equivalent in a currency other than Eastern Caribbean dollars, whether the transaction is executed in a single operation or in several linked operations."

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