Regulatory Alerts2025-01-01
Minimum Requirements for Licensed Financial Institutions for the Management of Money Laundering and Terrorist Financing Risk
The Reserve Bank of Fiji issued this revised policy to mandate that all licensed financial institutions establish a comprehensive risk management framework for money laundering and terrorist financing. The document requires institutions to implement a risk-based approach, maintain robust internal controls, and clearly define the compliance responsibilities of the Board, senior management, and the AML compliance officer. Additionally, it enforces strict oversight mechanisms including mandatory internal audits, regular reporting to the Financial Intelligence Unit, and submission of policies to the central bank to ensure regulatory compliance.
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