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Definitions
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The following definitions provide clarity on various terms used in anti-money laundering and terrorist financing regulations.
Beneficiary Entity
A Beneficiary entity is a financial institution that receives an electronic currency transfer.
Criminal Conduct
Criminal conduct includes any of the offences or conduct listed, which are:
- Bribery
- Corruption
- Money laundering
- Terrorist financing
- Proliferation financing
- Unauthorised transactions related to financial services
Criminal Property
Criminal property is property that is derived from or obtained through criminal conduct.
Deal or Dealing with Property
To deal or deal with property means to conceal, disguise, convert, transfer, remove from Nauru, bring into Nauru, receive, acquire, use, possess, or engage in a banking transaction related to property. This includes consenting to, authorising, or enabling these actions.
Electronic Currency
An electronic currency is a digital representation of value that can be transmitted electronically.
Financial Institution
A financial institution is a bank, trust company, insurance company, securities firm, money service business, or other financial services provider.
Intermediary Entity
An intermediary entity is an entity that transmits an electronic currency transfer on behalf of an originating entity and a beneficiary entity, or another intermediary entity.
International Cooperation
International cooperation refers to cooperation between countries to combat money laundering and terrorist financing.
Money Laundering
Money laundering is the process of concealing the origin of proceeds derived from criminal activities by making them appear to be legitimate income.
Politically Exposed Person
A politically exposed person is a person who has been entrusted with prominent public functions, including heads of state, government members, judges, and military officers.
Property
Property refers to assets of any kind, whether real or personal, corporeal or incorporeal, moveable or immovable, tangible or intangible. This includes documents or instruments in electronic, digital, or other form.
Reporting Entity
A reporting entity is a financial institution that is required to report transactions related to money laundering and terrorist financing.
Secretary
The Secretary refers to the Secretary for Justice and Border Control.
Sender
A sender is a person who requests a reporting entity to execute an electronic currency transfer.
Senior Management
Senior management includes the directors of the reporting entity or the key employees appointed to ensure that the reporting entity is effectively controlled on a day-to-day basis.