Anguillan Investment Services Providers Must Register
by Mike Godfrey, Lowtax.net, Washington
14 April, 2015
The Anguilla Financial Services Commission has issued a notice requiring companies involved in forex contracts and binary options to register.
The requirement impacts Anguilla-incorporated companies structured to generate income from trades, including the results of trades, from foreign exchange (forex) contracts, binary options, contracts for difference (CFDs), or any other type of security or commodity, who are considered to service providers for the purposes of the island's anti-money laundering and terrorist financing regime. They must apply to be registered as non-regulated service providers.
When reviewing whether to approve applications, the FSC will consider: the location of the customers and the "mind and management" of the applicant's business; whether the business is licensed in any jurisdiction and whether it is supervised for AML/CFT purposes; and the ability of the FSC to supervise the company's business for AML/CFT purposes.
The FSC considers that companies involved in the business of dealing in forex contracts or binary options are high risk if they are not licensed or supervised in any jurisdiction.
It has stated that if any such company fails to apply to register (or if registration is refused), it will be considered non-compliant and the registered agent should immediately terminate its relationship with that company.
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