Pitcairn Banking Regulations: Tackling Financial Crime in 2023

Regulators in Pitcairn are intensifying their efforts to combat financial crime and mitigate risks associated with fraud, money laundering, and terrorist financing. As part of a broader global initiative to strengthen anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks, Pitcairn’s regulatory focus will be on preventing illicit exploitation of access to the U.S. financial system.

Key Areas of Regulatory Focus

Regulators in Pitcairn are prioritizing several key areas to prevent financial crime:

• Anti-money laundering and counter-terrorist financing frameworks: Ensuring that financial institutions have robust AML/CFT controls in place to prevent money laundering and terrorist financing.
• Fraud models and operations, including insider corruption: Identifying and mitigating risks associated with fraud and insider corruption within financial institutions.
• Cybercrime and robust cybersecurity risk management: Implementing measures to prevent cyber-attacks and ensure that financial institutions have effective cybersecurity risk management practices in place.
• Crypto and digital assets, including NFTs and DeFi platforms: Addressing emerging risks associated with crypto and digital assets, such as sanctions and price cap compliance.
• Beneficial ownership information reporting: Ensuring that financial institutions have effective controls in place to report beneficial ownership information.

Working with Financial Institutions

Regulators in Pitcairn will be working closely with financial institutions to ensure that they have effective AML/CFT controls in place. This includes:

• Conducting regular risk assessments
• Implementing measures to prevent the use of shell companies and other illicit structures
• Ensuring that financial institutions have robust cybersecurity risk management practices in place

Preventing Financial Crime

Financial institutions play a critical role in preventing financial crime, and regulators in Pitcairn expect them to take their AML/CFT responsibilities seriously. By working closely with financial institutions, regulators can ensure that they have effective controls in place to prevent money laundering and terrorist financing.

Conclusion

Regulators in Pitcairn are taking a proactive approach to addressing financial crime and mitigating risks associated with AML/CFT, cybercrime, and other emerging threats. By prioritizing key areas of regulatory focus and working closely with financial institutions, regulators can ensure that the integrity of the financial system is protected.