Regulatory Alerts2025-01-01
Minimum Requirements for the Management of Money Laundering and Terrorist Financing Risk
The Reserve Bank of Fiji issued this Supervision Policy Statement to establish minimum requirements for the management of money laundering and terrorist financing risks by licensed restricted foreign exchange dealers and money changers. The document mandates the implementation of a risk-based approach and a comprehensive risk management framework that includes customer due diligence, record keeping, transaction monitoring, and the appointment of a dedicated compliance officer. It further defines the specific oversight responsibilities of the board and senior management while outlining enforcement mechanisms, including reporting obligations and potential sanctions for non-compliance.
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