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Fiji’s Anti-Money Laundering and Know-Your-Customer Regulations: A Guide for End-Users
In an effort to combat money laundering and terrorist financing, the Fiji government has implemented strict regulations for anti-money laundering (AML) and know-your-customer (KYC) procedures. As an end-user, it is essential to understand these regulations to ensure compliance.
Identity Verification
To verify an individual’s identity, Shufti Pro will ask you to show your identification documents. You will also be required to perform random gestures as part of a liveness check. Our specialized document verification service will check the authenticity of the submitted documents, including security features such as holograms, tapered/crumpled edges, and microprinting.
Documents Required for Verification
In Fiji, the following documents are considered proof of identity:
- Passport
- Birth Certificate
- Marriage Certificate
- Citizenship Certificate
- Fiji National Provident Fund Membership Card
- Driving License
- Other valid photo ID
For address verification, you will need to provide:
- A current utility bill (issued within the last three months)
- Government-issued document containing your name and address
- Bank statement (not older than three months)
Timing of Verification
Identity verification is not a one-time process. It is required in multiple instances as per recommendations. The application and timing of when to deploy identity verification procedures depend on your requirements and communication with Shufti Pro.
Politically Exposed Persons and EDD Measures
As per Enhanced Due Diligence (EDD) requirements under Fiji’s regulations, you are required to determine if your customer is a Politically Exposed Person (PEP), holds a public office, or exhibits a higher risk profile. Shufti Pro provides AML screening services that screen an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
Fiji’s regulations state that you may seek the services of a third-party to apply measures of due diligence. You are required to collect all such data (Diligence Information) from the third party without undue delay.
Record Retention
As per Fiji’s regulations, you are required to retain data for not less than seven years. This includes AML and KYC obligations for due diligence.
Conclusion
In summary, it is crucial for end-users in Fiji to understand and comply with AML and KYC regulations to prevent money laundering and terrorist financing. Shufti Pro is committed to providing expert services to help you achieve compliance.