Regulatory Alerts2017-06-27
Use of Cash Agents in Solomon Islands - Practice Guidance Note 1
The Central Bank of Solomon Islands issued Practice Guidance Note 1 to establish a standardized policy framework for commercial banks and credit institutions utilizing cash agents. The document mandates that financial institutions assume full responsibility for agent selection, due diligence, training, and liability while ensuring compliance with anti-money laundering and consumer protection standards. Institutions must submit contract templates and quarterly agent activity reports to the regulator and ensure agents adhere to strict disclosure and pre-contractual conduct guidelines.
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