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Nauru Government Introduces Financial Sanctions Regulations to Combat Money Laundering

The government of Nauru has introduced new regulations aimed at combating money laundering and targeted financial sanctions in the country. The Anti-Money Laundering and Targeted Financial Sanctions (Record Keeping) Regulations 2023, published in the Republic of Nauru’s Government Gazette on July 7, 2023, require reporting entities to maintain accurate records and report any non-compliance to supervisory authorities.

Requirements for Reporting Entities

Under the regulations, reporting entities are required to keep and maintain various records, including:

• Information obtained from electronic currency transfers
• Transactions carried out using their services or systems
• Customer due diligence measures

These records must be kept in a manner that allows them to be readily made available or reproduced at any time by law enforcement agencies.

Reporting Non-Compliance

The regulations also require reporting entities to report any non-compliance with the requirements of record keeping to the Financial Intelligence Unit (FIU). The FIU may then report the entity to the relevant supervisory authority, which will conduct an investigation and take necessary action under relevant statutes.

Key Provisions of the Regulations

• Reporting entities must keep and maintain various records.
• Records must be kept in a manner that allows them to be readily made available or reproduced at any time by law enforcement agencies.
• Reporting entities must report any non-compliance with the requirements of record keeping to the Financial Intelligence Unit (FIU).
• The FIU may report the entity to the relevant supervisory authority, which will conduct an investigation and take necessary action under relevant statutes.

Effective Date

The Anti-Money Laundering and Targeted Financial Sanctions (Record Keeping) Regulations 2023 came into effect on July 7, 2023.