Financial Crime World

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The Republic of Nauru’s National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism 2022-2025

Recommendation 3: Customer Due Diligence

Countries should ensure that financial institutions, DNFBPs, and virtual asset service providers (VASPs) obtain and verify information about the identity of their customers (including beneficial owners), conduct ongoing monitoring of customer relationships, and be able to explain how they comply with CDD requirements.

Key Requirements for Customer Due Diligence

  • Obtain and verify customer information
  • Conduct ongoing monitoring of customer relationships
  • Be able to explain compliance with CDD requirements

Recommendation 4: Record Keeping

Countries should ensure that financial institutions, DNFBPs, and VASPs maintain accurate and detailed records of all transactions, customer information, and compliance with AML/CFT obligations.

Key Requirements for Record Keeping

  • Maintain accurate and detailed records of all transactions
  • Keep up-to-date customer information
  • Comply with AML/CFT obligations

Recommendation 5: Reporting

Countries should require financial institutions to report suspicious transactions and other information related to money laundering or terrorist financing in a timely manner to the FIU or other competent authority.

Key Requirements for Reporting

  • Report suspicious transactions and other relevant information
  • Do so in a timely manner
  • Submit reports to the FIU or other competent authority

Recommendation 6: Tipping Off and Secrecy

Countries should ensure that no person, including employees of a financial institution or DNFBP, disclose to any person whether a report has been made or breach secrecy requirements.

Key Requirements for Tipping Off and Secrecy

  • Maintain confidentiality of reporting
  • Avoid disclosing information about reported transactions

Recommendation 7: Targeted Financial Sanctions (TFS)

Countries should establish and enforce effective, proportionate, and dissuasive legal and regulatory measures for the freezing and confiscation of funds and other assets owned or controlled by designated persons related to terrorism or proliferation financing.

Key Requirements for TFS

  • Establish effective, proportionate, and dissuasive sanctions
  • Freeze and confiscate funds and assets owned by designated persons

Recommendation 8: Powers and Resources

Countries should ensure that competent authorities have the necessary powers, resources, and authority to investigate, freeze, and confiscate property and proceeds of crime, and sufficient resources to effectively implement their AML/CFT obligations.

Key Requirements for Powers and Resources

  • Ensure competent authorities have necessary powers and resources
  • Authorize competent authorities to investigate, freeze, and confiscate assets
  • Provide sufficient resources for effective implementation of AML/CFT obligations

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