Cap. 529 Art. 1Short title and scope.

(1) The short title of this Act is the Company Service

Providers Act.

(2) The main purpose of this Act is to implement Article 47 of

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No. 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, as amended from time to time, in so far as the said article applies to persons providing company services.

(3) The Authority shall carry out its functions and duties as the competent authority for the purposes of Article 47 of Directive (EU) 2015/849, as referred to in sub-article (2) and transposed in national law, insofar as the said article applies to persons providing company services, and it shall carry out its functions and duties in accordance with this Act, including to ensure compliance with the provisions of this Act and any regulations made, and rules issued thereunder.