FIAU extends deadline for filing of REQ


New deadline for REQ submission – Monday, 18th May 2020, 17.00 hrs

The FIAU appreciates that, in response to the COVID-19 pandemic, several Subject Persons have implemented a number of measures to safeguard the health of their employees, and that these may impact their capability and efficiency in responding to regulatory submissions.

The FIAU also understands that vulnerable persons are being encouraged to stay inside and that some Subject Persons might not be able to complete the Risk Evaluation Questionnaire (REQ) on time as they are unable to attend their offices and gain access to the necessary data in order to submit the REQ within the stipulated deadline.

In view of this current situation, the FIAU is hereby informing all Subject Persons that a late submission period is being granted, effective from 5th May till Monday 18th May at 17.00pm. Moreover, to ease the effects of COVID-19, the FIAU is hereby also waiving the late submission fee. Subject Persons who fail to submit the REQ by the 18th of May, are still expected to complete the REQ but this shall only be submitted for information purposes. Subject persons who submit the REQ after the 18th of May or who otherwise fail to submit the REQ may be subject to administrative measures for failure to submit the REQ within the period stipulated, this in terms of Regulation 19 of the Prevention of Money Laundering and Funding of Terrorism Regulations. The FIAU encourages all Subject Persons to submit the questionnaire without unnecessary delay.