Regulatory Alerts2009-01-01
Money Laundering Prevention Regulations 2009
Issued by the Head of State of Samoa under the Money Laundering Prevention Act 2007, these regulations establish comprehensive compliance frameworks for financial institutions to prevent money laundering and terrorist financing. The rules mandate rigorous customer due diligence, including identity verification for natural and legal persons, ongoing transaction monitoring, and enhanced scrutiny for high-risk entities such as politically exposed persons. Additionally, the regulations enforce strict internal controls, reporting obligations for originator information, and define specific offences and exemptions for low-value transactions.
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