Banking Regulations for Compliance in Marshall Islands Take Center Stage

The Office of the Banking Commission in the Republic of the Marshall Islands has issued a guidance document aimed at ensuring that banks, financial service providers (FSPs), and designated non-financial businesses and professions (DNFBPs) comply with targeted financial sanctions.

Understanding Obligations under the Act and Regulations

According to the document, which was issued on June 26, 2023, these entities are obligated under the United Nations Sanctions (Implementation) Act, 2020, and the United Nations (UN) Targeted Financial Sanctions (Terrorism & Proliferation) Regulations, 2020, to implement policies, procedures, and controls to prevent targeted financial sanctions against individuals and entities listed in the UN Consolidated List.

Key Highlights from the Guidance Document

• Banks, FSPs, and DNFBPs are required to implement targeted financial sanctions against individuals and entities listed in the UN Consolidated List.
• The Act and Regulations are publicly available on the RMI Parliament website and the RMI Courts website, respectively.
• The link to the UN Security Council Consolidated List is accessible on the RMI Courts website.

Contacting the Office of the Banking Commissioner

The Office of the Banking Commissioner has urged anyone with questions or concerns to contact them directly via email at stkorean.2015@gmail.com or by phone at 625-6310. Alternatively, they can reach out to the Manager Financial Intelligence Unit, Mr. Nemiu N W Usumaki, at mananger@rmifiu.org or by phone at 625-6310.

Strengthening Financial Regulatory Framework

As the Marshall Islands continues to strengthen its financial regulatory framework, this guidance document serves as a critical reminder of the importance of compliance with international sanctions and regulations.