Investment funds delegations
*Please note that in the explanation below, the following French acronyms will be used to align with AML law:
RR = "responsable du respect des obligations" -> a person among the members of investment funds' management bodies who is responsible for compliance with the professional obligations in regards to the fight against money laundering and terrorist financing
RC = "responsable du contrôle du respect des obligations" -> a compliance officer at appropriate hierarchical level
In the following scenario, the RC of an investment fund manager (IFM) has also been designated as the RC of one or several investment funds that the IFM manages.
The RC of the IFM registers in goAML as a mandated reporting entity and, after validation by the FIU, registers the managed investment fund(s), which are the mandating entities on whose behalf he submits reports to the FIU, as follows:
The FIU must validate the registration of each entity.
Important: This validation by the FIU is purely technical and does not release either the mandated entity or the mandating entity(ies) from their responsibility to assess the risks described below.
Important: The FIU emphasizes that in the case of a delegation, the goAML user acting as the RC for the mandating entity(ies) may risk violating the non‑disclosure obligation of Article 5(5) of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, when submitting a suspicious transaction report (STR) where, contractually, the RC may be viewed as the client concerned by the report, or as a third party vis-à-vis the mandating entity.
This assessment must be performed case by case, and it is the full legal and factual responsibility of the RC and the mandating entity(ies).
Important: The “delegation” feature in goAML is purely technical and has no impact on the applicable legal framework (which remains that of the mandate).
If you conclude that this model fits your situation, please refer to the page How to create delegations in goAML? for further instructions.
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