Fiji’s Financial Institutions Now Mandated to Know Their Customers

In a move aimed at strengthening financial regulations, Fiji’s government has introduced new requirements for customer identification in the country’s financial institutions.

New Regulations Under the Financial Transactions Reporting Act

All banks, credit/lending companies, insurance firms, money transfer providers, foreign exchange dealers, law firms, accounting firms, real estate businesses, and investment advisers are now compelled to verify the identity of their customers. These regulations require financial institutions to conduct specific procedures to identify their customers when processing transactions.

Required Information for Customer Identification

When conducting financial transactions in Fiji, individuals will be asked by their financial institution to provide identification documents to confirm their personal details. The required information includes:

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

Strengthening Financial Regulations Against Money Laundering and Terrorism Financing

These stringent measures are aimed at combating money laundering, terrorism financing, and other illicit activities. By ensuring that financial institutions have a clear understanding of who their customers are, the government hopes to reduce the risk of financial crimes and maintain transparency in the country’s financial system.

Fiji Joins Global Efforts to Strengthen AML/ CFT Measures

With these new regulations in place, Fiji joins a growing list of countries around the world taking steps to strengthen their anti-money laundering and combating the financing of terrorism (AML/CFT) measures.