Money Laundering Prevention Amendment Act 2018

Amendments have been made to the Samoa Money Laundering Prevention Act 2007 to implement obligations of anti-money laundering and countering terrorist financing (AML / CFT) international standards under Samoa’s Mutual Evaluation Report 2015.

Amendments to definitions include: Asia Pacific / Group; Beneficial Owner; Business Relationship; Customer Due Diligence; Financial Action Task Force; Large cash transaction amount; Politically Exposed Person; Serious Offence.

Amendements include trustee companies and due diligence obligations, requirements to provide information; AML / CFT requirements of responses regarding suspicious or suspect transactions to the Financial Intelligene Unit (FIU); responsibilites of a financial institution to identify a customer which includes identification for onboarding and an ongoing relationship (requirements of "know your customer" (KYC) and ongoing due diligence requirments which includes a list of accetpable primary documentaiton for identification purposes (passport, drivers license, etc.) and the process of identification where a lack of primary documentation is present; circumstances where standard customer due diligence and extended due diligence applies (CDD and EDD); when a financial institution may reject or suspend a transaction; reporting requirements for large cash transactions; freezing of property and assets; listing and delisting of and dealings with a specified entity; tax evasion and money laundering offences and penalties.

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