The Financial Transactions Reporting Act applies to all those entities in Fiji that are engaged in the business of:
Your key obligations under this Act are as follows:
You must undertake specific procedures to identify customers with whom you have an on-going business relationship.
For "off-the-street" or "occasional" customers, specific procedures must be carried out to identify those customers who request transactions equivalent to $5,000 or more or its equivalent in foreign currency.
For further guidelines refer to:
When dealing with electronic fund transfers, you must obtain accurate and complete information about the customer requesting to transfer funds or the originator of the transfer. The details that you must obtain and record are:
Monitor your Customers' transactions
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.
When receiving a fund transfer, you must scrutinize any transfers that are not accompanied by complete information about the originator customer. 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 business by the FIU and other law enforcement agency 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 Internal controls and systems
Other measures that your financial institution must implement are: