Regulatory Alerts2025-01-01
Minimum Requirements for Licensed Insurance Companies and Brokers on Managing Money Laundering and Terrorist Financing Risk
The Reserve Bank of Fiji has issued a revised policy mandating that all licensed insurance companies and brokers establish a comprehensive, risk-based framework to identify, assess, and mitigate money laundering and terrorist financing risks. The directive requires institutions to implement strict customer due diligence, ongoing transaction monitoring, suspicious activity reporting, and robust internal controls, while clearly defining the compliance responsibilities of boards, senior management, dedicated compliance officers, and independent audit functions. Licensed entities must submit their initial AML/CFT policies to the regulator within 30 days, maintain continuous regulatory reporting, and face enforcement sanctions for any failure to adhere to these updated supervisory standards.