In accordance with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act, 2020 (the “Act”) and with the AML/CFT Regulations, 2020 (the “Regulations”):
“all the reporting entities specified under the First Schedule of the Act have an obligation to register with the Financial Intelligence Unit (the “FIU”) within 60 days of the coming into force of the Regulations or commencement of business.”
As per the Circular No.1 of 2021 issued by the FIU on the 26th of January 2021, the FIU shall make available on its website the link for the online registration along with the relevant guidelines on the registration process.
In order for all the reporting entities to be afforded sufficient time to register, the deadline for the registration has been extended and all reporting entities are required to be registered with the FIU within 60 days from the launch of the registration platform.