Search for:
Banks, Financial and lending Companies
FX Dealers and Money Remitance Service Providers
Insurance Companies and Brokers
Investment Advisors, Dealers, Brokers and Mutual Trust Schemes
Accountants
Lawyers
Real Estate Agents or Companies
Why do we need a FTR Act?
What is Money Laundering and Terrorist Financing
Information for Financial Institutions and Businesses
FTR Act
FTR Regulations
Proceeds of Crime Act
Mutual Assistance in Criminal Matters Act
Other Relevant Laws
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2016 Typologies Reports
Fiji 2nd Follow Up Report 2018
Fiji 1st Follow Up Report 2017
2016 Mutual Evaluation Report
2010 Detailed Progress Report
2006 Mutual Evaluation Report
Papers
Presentations
Strategic Plan 2014-2018
Annual Reports
APG Typologies Reports
Fiji Mutual Evaluation Reports
Newsletter - FIU e-Bulletin
Papers and Presentations
Reporting Forms
Brochures and Posters
Strategic Plans
Other Documents
2013 Conference
2011 Conference
2010 Conference
2009 Conference
AML Conference
Home
FTR Act Obligations
Laws & Regulations
Publications
Events
Fiji FIU
What we do
Vision and Mission
How to Contact us
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2007
2019
2015
ML Cases
Others
Enforceable Guidelines
Policy Advisories on the FTR Act
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008 and earlier
Currency Declaration Rules for Travelers
Customer Identification Requirements
Members and Background
Current Projects
Site Map
Disclaimer
Vacancies
About FijiFIU
Case Laws
Guidelines and Policy Advisories
News & Media
Information for the General Public
APIFIU
High-risk and Other Monitored Jurisdictions by FATF
Photo Gallery
Other
Links
FTR Act Obligations
>
Information for Financial Institutions and Businesses
>
Insurance Companies and Brokers
Insurance Companies and Insurance Brokers
The Financial Transactions Reporting Act applies to all insurance companies and insurance brokers in Fiji. Your key obligations under this Act are as follows:
Identify and verify your customers (policy holders) and beneficiaries of life insurance or investment linked insurance policies;
Monitor your customers transactions;
Maintain proper customers records;
Report transactions to the Financial Intelligence Unit;
Implement appropriate internal controls and systems to protect your organisation from being used for money laundering and terrorist financing purposes.
Customer Identification and Verification
You must undertake specific procedures to identify customers (policy holders) and beneficiaries of life insurance or investment linked insurance policies. You must also ensure that insurance policies are opened and maintained in the true name of a customer (policy holder). Holders of non-investment type insurance policies or general insurance policies are exempted from these customer identification requirements.
For further guidelines refer to:
Policy Advisory 1/2007- Customer Due Diligence of Existing Customers’ Accounts
Policy Advisory 2/2007- Customer Due Diligence of Customers Who Have Insufficient or No Official Identification Documents
Policy Advisory 3/2007- Identification and Verification of a Customer’s Signature
Policy Advisory 4/2007- Identification and Verification of Occasional Transactions
Policy Advisory 1/2008- Identification and Verification of Customers of Insurance Providers
Policy Advisory 2/2008- Identification and Verification of Clients and Beneficiaries of Employer Funded Group Life Insurance Policies
Policy Advisory 1/2010 - Identification and Verification of a Customer's Signature
Policy Advisory 2/2010 - Use of Referee Letter to Verify a Customer's Identity
Guideline 4 of 20 August 2009 - Customer Identification & Verification
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.
For further guidelines refer to:
Guideline 1 of 26 October 2007 – Suspicious Transactions
Maintain proper Customers records
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 agency must also be recorded.
For further guidelines refer to: Policy Advisory 7/2007- Record Keeping
Report transactions to the Financial Intelligence Unit
You must report the following types of transactions to the FIU:
All cash transactions of $10,000 or more including equivalent amounts in foreign currency. “Cash” includes currency, bank drafts, bank cheques, bearer bonds, traveler’s cheques, postal notes and money orders.
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
All suspicious transactions including transactions or attempted transactions for which satisfactory evidence of identity was not obtained from the customer.
Terrorist Property
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:
Develop and implement internal policies and procedures to comply with the FTR Act.
Appoint a “Compliance Officer” to be responsible for ensuring compliance with the FTR Act and Regulations.
Regularly review your compliance with your internal anti money laundering and terrorist financing polices and procedures.
Implement adequate recruitment procedures to screen potential employees.
Have regular training for staff on anti-money laundering and terrorist financing issues and legislative requirements.
Copyright © 2019 FIJI FIU All Rights Reserved |
Disclaimer
|
Contact Us
|
Sitemap
Share with Us:
Share