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Understanding Anti-Money Laundering Regulations

Key Definitions

The Nauru Anti-Money Laundering Bill defines various terms related to anti-money laundering regulations. Below are some of the key definitions outlined in the bill.

Electronic Currency Transfers

• International Electronic Currency Transfer: A single or chain of electronic currency transfers involving parties located outside Nauru.
• Occasional Transaction: A transaction not taking place in the context of a business relationship.

Money Laundering and Financial Transactions

• Money Laundering: Dealing with property that is criminal property, connected to any offenses or conduct listed in the definition of “criminal conduct.”
• Money or Value Transfer Service: Accepting currency, cheques, or other monetary instruments and paying a corresponding sum to a beneficiary through communication, message, transfer, or clearing network.

Financial Institutions and Beneficiaries

• Originating Entity: A financial institution that receives a request from a person to execute an electronic currency transfer.
• Beneficiary: An individual who receives a payment or transfer of funds.

Politically Exposed Persons

• Politically Exposed Person: An individual holding a prominent public position, as defined under Clause 6.

Property and Records

• Property: Assets of any kind, including real or personal property, documents, and instruments in electronic form, evidencing title to or interest in assets.
• Record: Material on which data or information is recorded or marked, capable of being read or understood by a person, computer system, or other device.

If you have a specific question related to these definitions, please let me know and I’ll be happy to help!