Fiji’s Financial Institutions Now Required to Know Who Their Customers Are

Strengthening Financial Integrity in Fiji

In a move aimed at enhancing financial transparency and integrity in the country, all financial institutions in Fiji are now mandated by the Financial Transactions Reporting Act to conduct know your customer (KYC) verification processes on their clients. This means that these institutions must undertake specific procedures to identify and verify the identity of their customers when processing transactions.

What Does this Mean for Individuals Conducting Financial Transactions?

As a result, individuals conducting financial transactions or dealing in Fiji can expect to be asked by their financial institution to provide identification documents to confirm their personal details. The required documents include:

Name
Date of birth
Residential or business address
Occupation or business activity
Source of funds or income
Citizenship
Signature

Which Financial Institutions are Affected?

The new customer identification requirements apply to a wide range of financial institutions, including:

Banks
Credit and lending companies
Insurance companies
Money transfer providers
Foreign exchange dealers
Law firms
Accounting firms
Real estate businesses
Investment advisers
Dealers
Brokers

These institutions are expected to adopt the new procedures to ensure that they have a clear understanding of who their customers are and what their business dealings entail.

Why is this Important?

The move is aimed at preventing money laundering, terrorist financing, and other forms of financial crime. With the new KYC verification process in place, financial institutions can now have greater confidence in their dealings and ensure that they are complying with relevant laws and regulations.

This enhanced level of transparency and accountability will ultimately benefit Fiji’s economy and financial system as a whole, ensuring that all transactions are carried out with full disclosure and integrity.