RMI Banking Commissioner Issues Revised Anti-Money Laundering Guidelines
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The Republic of the Marshall Islands (RMI) Banking Commissioner has released revised guidelines for anti-money laundering and combating the financing of terrorism (AML/CFT) for banks and financial institutions.
Effective Immediately
The new guidelines aim to provide a comprehensive framework for supervised entities to meet their statutory obligations under the AML Regulations 2002. The guidelines are divided into eight sections, covering topics such as:
- Money laundering and terrorist financing
- Risk assessment
- Governance
- Customer due diligence
- Suspicious activity reporting
- Record-keeping
Compliance Requirements
According to the guidelines, supervised entities must comply with the requirements outlined in legislation or regulations. Good practices are recommended for most situations, but options may be available for meeting obligations, and justification may be required.
Important Notes
- The guidelines do not supersede or replace legal or regulatory requirements.
- Any discrepancies between the guidelines and existing frameworks will be resolved in favor of the latter.
Risk Assessments and Compliance
Supervised entities are reminded to perform risk assessments and seek legal or professional advice if unsure about the application of AML/CFT regulations. The Banking Commissioner has also encouraged banks and financial institutions to consult international guidance materials, such as those from:
- Financial Action Task Force (FATF)
- Asia-Pacific Group on Money Laundering (APG)
Ongoing Obligations
The guidelines will be updated periodically by the Banking Commissioner, and supervised entities are responsible for keeping themselves informed about ML/TF risks and maintaining appropriate risk identification, assessment, and mitigation programs.
Key Terms
- “Must” - a requirement in legislation or regulation.
- “Should” - good practice for most situations.
- “May” - an option for meeting obligations or running a business or profession.