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Norfolk Island Introduces Tough Anti-Money Laundering Regulations

In an effort to combat money laundering and terrorist financing, the Norfolk Island government has introduced new anti-money laundering regulations (AMLRs) that impose strict obligations on all persons engaged in financial businesses.

Key Requirements

• Individuals carrying out relevant financial business must implement a robust framework to prevent money laundering and terrorist financing.
• Customer due diligence measures must be undertaken when:
  • Establishing a business relationship
  • Carrying out transactions valued at over CI$10,000
  • Suspecting illegal activity

Financial Institution Obligations

• Identify and assess the risks associated with customers, products, services, and transactions.
• Keep these assessments up-to-date and repeat customer due diligence at regular intervals.
• Designate a Money Laundering Reporting Officer (MLRO) responsible for receiving reports of suspected money laundering or terrorist financing.
• Train employees to recognize and treat suspicious transactions.

Compliance Requirements

• Firms carrying out relevant financial business must have adequate systems and controls in place to monitor and report on anti-money laundering activities.
• Keep accurate records and allow regulatory bodies to conduct on-site visits and provide information as requested.

Attorney Obligations

• Attorneys-at-law are reminded that they have a responsibility to know their obligations under the AMLRs and stay up-to-date with any changes made to the regulations.
• Failure to comply with the AMLRs may result in administrative fines or criminal prosecution.

Conclusion

The introduction of these tough new regulations is seen as a major step forward in the fight against money laundering and terrorist financing on Norfolk Island.