Regulatory Alerts2010-01-01
Money Laundering and Terrorist Financing Prevention Guidelines for the Financial Sector
The Money Laundering Prevention Authority of the Central Bank of Samoa issued these guidelines to implement the Money Laundering Prevention Act 2007 and ensure compliance with anti-money laundering and counter-terrorist financing obligations. The document mandates that financial institutions establish effective internal control systems, including customer due diligence, risk-based monitoring, and the appointment of compliance officers to detect and report suspicious transactions. It provides specific operational requirements and examples of suspicious activities for various sectors such as banks, insurance companies, lawyers, and real estate agents to maintain the integrity of Samoa's financial system.
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