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Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) Guidelines for Banks and Financial Service Providers (FSPs)

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Purpose

The AML/CFT guidelines aim to provide clear guidance on AML/CFT obligations under the relevant laws and regulations in the Marshall Islands.

Structure

The guidelines are divided into eight sections:

1. Introduction

3. Money Laundering and Terrorist Financing

4. Identification and Assessment of AML/CFT Risks

5. AML/CFT Governance, Internal Policies, Procedures, Controls, and Training

6. Customer Due Diligence (CDD)

7. Suspicious Activity Reporting

8. Record Keeping

Key Points

  • These guidelines are not exhaustive and do not limit the measures that supervised entities must take to meet their statutory obligations.
  • Supervised entities should perform risk assessments and seek professional advice if unsure about applying the legal or regulatory frameworks to their specific circumstances.
  • The guidelines will be updated from time to time by the Banking Commissioner as deemed necessary.

Terminology

The guidelines use “must”, “should”, and “may” throughout, with specific meanings:

  • Must: a requirement in legislation or regulation
  • Should: good practice for most situations
  • May: an option for meeting obligations