The AML&CTF Act places certain obligations on reporting entities. These obligations include and require reporting entities to:
- Register with VFIU
- Appoint an AML&CTF Compliance Officer
- Establish and maintain an AML&CTF Procedure Manual Manual and an AML&CTF Group-Wide Procedure Manual
- Establish and maintain Risk-based Systems and Controls
- Carry out Customer Due Diligence
- Keep good records
- Submit reports of transaction to the VFIU
- Conduct Staff Training on AML&CTF issues
- Establish adequate measures on correspondent banking
- conduct audit on its AML&CTF systems and controls
RECORD KEEPING #
Reporting entities must keep records of all their transactions including CDD records and financial reports submitted to the FIU so as to enable the transactions to be readily reconstructed at any such time.
See section 35 of https://vga.vu/docs/aml-ctf-legislation/.
AML&CTF COMPLIANCE OFFICER #
Each Reporting Entity must appoint a person as its AML&CTF Compliance Officer to be responsible for ensuring the reporting entity’s compliance with the requirements of the AML&CTF Act and Regulation.
See section 34 of https://vga.vu/docs/aml-ctf-legislation/.
AML&CTF STAFF TRAINING AND AWARENESS #
As required by the AML&CTF Act, reporting entities must make their officers and employees aware of the law in Vanuatu about money laundering and financing of terrorism; and aware of the procedures, policies and audit systems adopted by the entity to deal with money laundering and financing of terrorism; and to train the entity’s officers and employees to recognise and deal with money laundering and financing of terrorism.
See section 33 of https://vga.vu/docs/aml-ctf-legislation/.
