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Anti-Money Laundering Definitions
The Anti-Money Laundering Bill of Nauru defines several key terms related to anti-money laundering. Here are the definitions:
Beneficiary Entity
- An entity that receives or will receive an electronic currency transfer.
Intermediary Entity
- An entity that facilitates an international electronic currency transfer on behalf of the originating entity and beneficiary entity (or another intermediary entity).
International Electronic Currency Transfer
- A single or chain of electronic currency transfers where one of the parties is located outside Nauru (the originating entity, intermediary entity, or beneficiary entity).
Money Laundering
Elements of Money Laundering
- Deal or dealing with property
- Property is criminal property
- Criminal property is connected to criminal conduct
Money or Value Transfer Service
- A service that involves accepting currency, cheques, monetary instruments, or other stores of value and paying a corresponding sum to a beneficiary.
Occasional Transaction
- Any transaction not taking place in the context of a business relationship.
Originating Entity
- A financial institution that receives a request from a person to execute an electronic currency transfer.
Politically Exposed Person
(Note: The definition is not provided, but is available under Clause 6.)
Property
- Assets of any kind, including documents or instruments in electronic, digital, or other form, evidencing title to or an interest in, any such assets.
Record
- Material on which data or information is recorded or marked and capable of being read or understood by a person, computer system, or other device.
Reporting Entity
(Note: The definition is not provided, but is available under Clause 7.)
Secretary
- Means the Secretary for Justice and Border Control.
Sender
- A person who requests a reporting entity to execute an electronic currency transfer.
Senior Management
- Directors of the reporting entity or key employees with responsibility for overseeing the reporting entity’s proper conduct.
Shell Bank
- A bank incorporated or licensed in a country without physical presence and not affiliated with a financial group subject to effective consolidated supervision.