Risk Evaluation Questionnaire
2023 Risk Evaluation Questionnaire
The 2023 Risk Evaluation Questionnaire (“REQ”) will be available on the Compliance and Supervision Platform for Assessing Risk (CASPAR) portal for completion by subject persons as from 1st March 2023.
Notwithstanding this, a copy of the revised 2023 REQ per sector is available below. This will allow subject persons to start collecting and collating the necessary information to be able to complete the REQ in a timely manner.
Subject persons are reminded that the REQ can only be submitted through the CASPAR portal.
For the purpose of assisting subject persons in completing the REQ 2023, the FIAU will be providing guidance for each question throughout the questionnaire itself.
The deadlines for submission of the 2023 REQ are as follows:
Thursday 13th April 2023
Virtual Financial Assets Agents
Virtual Financial Assets Service Providers
Real Estate Agents
Thursday 20th April 2023
Trustees and Fiduciaries
Company Service Providers
Accountants and Auditors
Thursday 27th April 2023
Investments Service and Securities Markets
Insurance and Pensions
Subject persons operating in categories falling on different deadlines should follow the last deadline. Submission of the REQ following the respective deadlines will be considered as a late submission and may result in subject persons being liable to an administrative penalty.
The FIAU reminds subject persons who are not yet registered on the CASPAR portal, that they are obliged to do so without further delay. Guidance on the registration process can be viewed by accessing the CASPAR user guide. Once the registration is accepted, subject persons can view and complete the 2023 REQ.
Reference is made to the REQ FAQs document published on 31 January 2023 for further guidance to subject persons.
Subject Person Profile
Subject Persons are reminded to update the ‘Subject Person Profile’ module which requires subject persons to provide information on the subject person.
This information includes:
- Information on the subject person’s ownership and its structure;
- Information on the group that the subject person makes part of (if applicable);
- Details of shareholders, beneficial owners and directors of the subject person;
- Information on the turnover and net asset values;
- Information on the target markets;
- Details of the subject person’s external auditor (if applicable); and
- A copy of the subject person’s business risk assessment.
Subject persons are expected to keep the ‘Subject Person Profile’ module on CASPAR up-to-date.
Subject persons are reminded that any queries in relation to CASPAR and the submission of the REQ should be sent via email [email protected]
2023 Risk Evaluation Questionnaire (REQ)
A copy of the revised 2023 REQ per sector is available by clicking the relevant sector below. This will allow subject persons to start collecting and collating the necessary information to be able to complete the REQ on CASPAR, as from 1st March 2023.
Designated Non Financial Business and Professions (DNFBPs)
Virtual Financial Assets Sector
Subject Person Profile
CASPAR will be including a new module referred to as the ‘Subject Person Profile’. This module, which is separate from the REQ, will require subject persons to provide information on the subject person.
Guidance on populating the Subject Person Profile module can be accessed below.
The FIAU’s Compliance and Supervision Platform for Assessing Risk (CASPAR) is an efficient, user-friendly and automated system; implemented to support the Supervision Section in the monitoring of Subject Persons, through the collection of relevant data and information.
Notifications of the appointment and/or replacement of the MLRO and/or Designated Employee are to be made through CASPAR. The annual Risk Evaluation Questionnaire (REQ) is also required to be submitted by Subject Persons through CASPAR within the deadlines announced by the FIAU.
It is highly recommended to read the User Guide carefully before attempting registrations and/or compilation of the REQ. This User Guide also features a list of Frequently Asked Questions (FAQ’s) compiled to facilitate either process.
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