The Financial Transactions Reporting Act applies to all banks and finance or credit institutions in Fiji. Your key obligations under this Act are as follows:
You must undertake specific procedures to identify your customers with whom you have an on-going business relation. You must also ensure that accounts are opened and maintained in the true name of the customer.
For further guidelines refer to:
You must scrutinize or monitor your customer's transactions to ensure that the transactions being conducted are consistent with your knowledge of the customer and his or her background. For further guidelines refer to: Guideline 1 of 26 October 2007 – Suspicious Transactions
You must establish and maintain records of your customers' identity, transactions and records of all reports of transactions made to the FIU. Any enquiries made to your institution by the FIU and other law enforcement agencies must also be recorded.
For further guidelines refer to: Policy Advisory 7/2007- Record Keeping
You must report the following types of transactions to the FIU:
Exemptions apply to certain types of cash transactions. For guidelines on exemptions to cash transaction reporting refer to: Policy Advisory 6/2007- Application of Exemption Provisions for Reporting of Cash Transactions
If you have in your possession or your control any property which is owned or is controlled by a terrorist or terrorist group or if you have information on a transaction or proposed transaction relating to a terrorist property, you must report this information to the FIU. For further guidelines refer to: Guideline 2 of 26 October 2007 - Reporting a Suspicious Transaction by Paper Guideline 3 of 22 May 2009 - Reporting Cash Transactions of $10,000 or above by Paper
Other measures that your financial institution must implement are: