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Fiji Toughens Stance on Anti-Money Laundering Policies, Guideline Issued for Financial Institutions

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The Reserve Bank of Fiji (RBF) has issued a set of guidelines to strengthen anti-money laundering policies in the country. The move aims to prevent and detect money laundering and terrorist financing activities.

Guidelines for Financial Institutions

Here are the guidelines issued by the RBF:

• Guideline 1: Suspicious Transaction Reporting

  • Financial institutions must monitor customers, transactions, and business relationships.
  • Identify and report suspicious transactions.
  • The guideline provides detailed guidance on how to identify a suspicious transaction and lists indicators or red flags that may be linked to key criminal or predicate offenses.

• Guideline 2: Reporting Suspicious Transactions by Paper

  • Outlines the procedures for completing a Suspicious Transaction Report form when reporting a suspicious transaction to the Financial Intelligence Unit (FIU).

• Guideline 3: Cash Transactions Reporting

  • Non-bank financial institutions must report cash transactions of $5,000 and above (or its equivalent in foreign currency) to the FIU.
  • Provides detailed guidance on the requirements for reporting such transactions.

• Guideline 4: Customer Identification and Verification

  • Offers practical guidance to financial institutions on implementing customer identification and verification requirements.
  • Financial institutions are advised to adopt a risk-based approach when applying these measures.

• Guideline 5: New Technologies

  • Requires financial institutions and designated non-financial businesses and professions (DNFBPs) to identify and assess the money laundering, terrorist financing, and proliferation financing risks associated with new products, business practices, and technologies.

• Guideline 6: Higher Risk Countries

  • Outlines further requirements for dealing with higher-risk countries that have inadequate systems in place to detect or prevent money laundering, terrorist financing, and proliferation financing.

• Guideline 7: Politically Exposed Persons

  • Provides risk-based customer due diligence requirements for customers who are politically exposed persons (PEPs).

• Guideline 8: AML Compliance Obligations of Real Estate Agents and Businesses

  • Offers guidance to real estate agents and businesses on their obligations under the Financial Transactions Reporting Act and Regulations.
  • Intended to help these entities develop internal procedures, policies, systems, and controls for anti-money laundering (AML) and combating the financing of terrorism (CFT).

• Guideline 9: Obligations of Legal Practitioners

  • Provides further requirements and guidance on the use of digital ID systems for customer due diligence or electronic Know Your Customer (eKYC).

RBF AML Policy Guideline

The Reserve Bank of Fiji’s AML policy guideline outlines minimum requirements for managing money laundering and terrorist financing risk by financial institutions licensed to conduct banking business in Fiji. The document requires financial institutions to develop a Money Laundering and Terrorist Financing Risk Management Framework with a documented Money Laundering and Terrorist Financing Risk Policy.

The guidelines are part of the Reserve Bank of Fiji’s efforts to strengthen anti-money laundering policies and prevent illegal activities in the country.