Regulatory Alerts2020-03-22
Financial Transactions Reporting Regulations 2007
The Attorney General of Fiji issued the Financial Transactions Reporting Regulations 2007 to implement the Financial Transactions Reporting Act 2004 and combat money laundering and terrorist financing. The regulations mandate financial institutions to conduct customer due diligence, maintain risk-based internal controls, and report suspicious or large cash transactions to the Fiji Islands Revenue and Customs Authority. These requirements establish specific thresholds for reporting, detailed identification procedures for various customer types, and compliance standards for supervisory authorities and the Financial Intelligence Unit.
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