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Financial Regulations for Reporting Institutions in Nauru

Overview

The following regulations outline the requirements and obligations of financial institutions in Nauru, a small island nation in the Pacific Ocean. These rules govern the reporting and provision of information to designated or authorized officers.

Key Obligations

• Section 9: Requires financial institutions to produce books, records, or other documentation, provide information, explanations, and particulars, and assist designated or authorized officers in administering or enforcing the regulations.
• Section 10: Deals with non-resident reporting financial institutions, stating that their obligations are also treated as those of any Nauru representative or agent.
• Section 11: Allows reporting financial institutions to use service providers to undertake due diligence requirements and report obligations but makes it clear that the institution remains responsible for these obligations.

Schedules

The following schedules provide further details on jurisdictions, accounts, and participating countries:

Excluded Accounts (Schedule 1)

• Dormant accounts are excluded from reporting requirements.

Non-Reporting Financial Institutions (Schedule 2)

• No institutions are listed under this schedule.

Participating Jurisdictions (Schedule 3)

• A long list of countries and territories that are participating in a standard or agreement related to the regulations.

Reportable Jurisdictions (Schedule 4)

• Similar to Schedule 3, but with some differences.