Interpretation

(1) In these Regulations“Act” means the Money Laundering and Terrorism (Prevention) Act; CAP. 104. “applicable regulator”, in relation to a licensed or regulated reporting entity, means the agency with responsibility for licensing or regulating that reporting entity; “DNFBP” or “designated non-financial businesses and professions” means those businesses and professions for which the Financial Intelligence Unit is specified as the supervisory authority under Schedule III of the Act; Schedule III. Money Laundering and 14 Terrorism (Prevention) “DNFBP Register” means the register of designated non- financial businesses and professions established and kept under regulation 4; “licensed or regulated” in relation to a reporting entity, means a business or profession for which a licence is required or which is otherwise regulated; “registered DNFBP” means a DNFBP registered under regulation 6; “relevant business” means a business which, if carried on by a person, would result in that person being a reporting entity; “significant owner” in relation to a reporting entity, means a person who, whether alone or acting together with one or more associates– (a) owns, whether legally or beneficially, a 10% or greater interest in the reporting entity or its parent; (b) has the power, directly or indirectly, to exercise, or control the exercise of, 10% or more of the voting rights in the reporting entity, or its parent; or (c) has the power to appoint or remove one or more directors of the reporting entity. (2) For the purpose of these Regulations, “supervisory authority” means the Financial Intelligence Unit.