Financial Crime World

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Anti-Money Laundering and Combating the Financing of Terrorism Regulations

Regulations Overview

The regulations outlined below focus on anti-money laundering (AML) and combating the financing of terrorism (CFT). These regulations apply to financial institutions, including banks, insurance companies, and other financial service providers.

Key Points

Designated or Authorised Officer

  • A designated or authorised officer can require a financial institution to:
    • Produce books, records, or documentation
    • Provide information, explanations, and particulars
    • Give assistance related to the administration or enforcement of these regulations

Non-Resident Reporting Financial Institution’s Representative or Agent

  • If a reporting financial institution is not resident in Nauru, its obligations under these regulations are treated as if they were also the obligations of any Nauru representative or agent of the institution.

Use of Service Providers

  • A reporting financial institution may use a service provider to undertake due diligence requirements and reporting obligations
  • Those obligations continue to be the responsibility of the institution

Schedules

There are four schedules attached to these regulations:

Schedule 1: Excluded Accounts

  • Dormant accounts are excluded from the standard and these regulations.

Schedule 2: Non-Reporting Financial Institutions

  • No non-reporting financial institutions have been specified yet.

Schedule 3: Participating Jurisdictions

  • A list of participating jurisdictions is provided, including countries such as:
    • Australia
    • Canada
    • China
    • Germany
    • India
    • Japan
    • New Zealand
    • Norway
    • South Africa
    • Sweden
    • Switzerland
    • United Kingdom

Schedule 4: Reportable Jurisdictions

  • A list of reportable jurisdictions is provided, which includes most of the participating jurisdictions listed in Schedule 3.

Conclusion

These regulations seem to be part of a broader framework aimed at ensuring compliance with international standards for AML/CFT and promoting transparency in financial transactions.