Anti-Money Laundering and Targeted Financial Sanctions Act 2023: Key Terms

The following terms are used throughout the Anti-Money Laundering and Targeted Financial Sanctions Act 2023 of Nauru.

Act: The Anti-Money Laundering and Targeted Financial Sanctions Act 2023.
FIU: The Financial Intelligence Unit established under the Act.
Foreign financial intelligence body: A foreign institution or agency with functions similar to the FIU.
Foreign law enforcement body: A foreign institution or agency with law enforcement powers.

The following terms relate to business and transactions as defined in the Act.

High value dealer: A person buying and selling certain articles (e.g., jewelry, watches, gold) in cash transactions.
Money laundering: Dealing with property knowing it’s criminal property.
Money or value transfer service: Accepting currency, cheques, etc. and paying a corresponding sum to a beneficiary.
Reporting entity: A financial institution that reports electronic currency transfers (see Section 7 for details).
Service provider: A person providing services related to money laundering and targeted financial sanctions.

The following terms relate to financial institutions as defined in the Act.

Intermediary entity: A financial institution receiving an electronic currency transfer request on behalf of an originating or beneficiary entity.
Originating entity: The financial institution receiving a request from a person to execute an electronic currency transfer.
Beneficiary entity: The recipient of an electronic currency transfer.

The following terms relate to international transactions as defined in the Act.

International electronic currency transfer: An electronic currency transfer involving parties in different countries (see Section 7 for details).

The following terms relate to knowledge and information as defined in the Act.

Knowledge: Actual or constructive knowledge, including knowledge capable of being acquired with reasonable inquiry.
Identification information: Full name, address, occupation (for individuals), or name, legal form, registration number, etc. (for bodies corporate).
Record: Material on which data or information is recorded and can be read by a person or device.

The following terms are used in the Act but do not fit into the above categories.

Legal entity: A body, corporation, trust, association, organization, or statutory corporation.
Minister: The Minister responsible for Justice and Border Control.
Politically exposed person: Defined in Section 6 of the Act (not provided).
Property: Assets of any kind, including documents or instruments evidencing title to an interest in those assets.

Note: This is not an exhaustive summary, and you should consult the actual Act for complete definitions and context.