Revised Laws of Saint Lucia (2023)

7.   Registration fee and issue of Certificate of Registration

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   (1)   Where the Authority grants an application for registration under section 6, the person engaged in other business activity shall pay the prescribed registration fee.

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   (2)   The Authority shall, on payment of the registration fee under subsection (1) —

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      (a)     register the applicant as a supervised entity; and

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      (b)     issue a Certificate of Registration in the prescribed form.

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   (3)   A Certificate of Registration issued under subsection (2)(b) —

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      (a)     is valid for one year from the date it is issued until the date specified in the Certificate of Registration;

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      (b)     must contain the conditions and restrictions subject to which the Certificate of Registration is issued;

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      (c)     is conclusive proof of the registration of a supervised entity.

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   (4)   A supervised entity, as a condition of its registration, may be required to —

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      (a)     submit a document or information required by the Authority under section 5(3) within a period specified by the Authority;

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      (b)     take the necessary steps and measures specified by the Authority to comply with the laws in relation to anti-money laundering and other criminal conduct;

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      (c)     identify, mitigate and manage the risks in relation to money laundering or other criminal conduct to which it is exposed.

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   (5)   A supervised entity shall comply with the conditions or restrictions specified in the Certificate of Registration.