The Ministry of Financial Services wishes to advise the following:
Industry is advised that the submission of beneficial ownership (BO) information via CAP has been
and continues to be a secure process.
The competent authority for BO, General Registry, would like to reassure industry that:
CAP is used only as the upload interface and NOT as a storage facility. The uploaded data is NOT viewable without strict authorization
All BO data is encrypted in transit and at rest (i.e. upon storage). The data, upon storage, is then obfuscated
The updated BO platform is not internet-facing
For the sake of clarity, BO information is encrypted upon submission (to TLS1.2 and TLS1.3 standards) and goes directly to an offline server (via AES 256 and HTTPS encryption and OUATH2-based secure transport). The details on this server can only be decrypted and reviewed by the
competent authority – no other staff have access to the information.
With regards to the platform, BO information is only accessible by a Government-authorised competent authority. There is no internet access to this system or the details therein.
With regards to CAP, the shift away from manual filings is intended to increase efficiency and security while adding convenience for both CSPs and the competent authority for BO.
The added electronic aspects to BO filings will allow the authority to quickly monitor and analyse any gaps in the submission of BO details, thereby aiding the competent authority with its compliance efforts.
It should be noted that General Registry will conduct onboarding and training sessions on the use of the BO system in the coming weeks for all CSPs.
Industry queries on this matter can be directed to email@example.com and firstname.lastname@example.org.
(Via Press Release)