The AML Model automates tasks and streamlines processes, increasing efficiency and thereby saving costs to your business. Non-compliance with Fiji's AML/CTF laws can result in disciplinary consequences and penalties: for an individual - a fine not exceeding FJD 30,000 or a term of imprisonment not exceeding 5 years, or both. For a body corporate - a fine not exceeding FJD 150,000. Ensuring compliance is crucial.
The AML ISI due diligence and KYC process allows financial institutions, savings and loan societies, superannuation funds, law firms, accounting firms, insurance companies, car dealers and may others to conduct anti money laundering and counter terrorist financing checks.
Based on the responses provided to our due diligence questions about your customer, our software will perform a risk assessment to classify the customer as low, medium, or high risk. The risk assessment will also determine the appropriate level of customer due diligence, either simplified, standard, or enhanced. A summary of the risk assessment decision will be generated, which can be kept on file to fulfil AML compliance obligations and document the reasoning behind opening or not opening a file.
Conduct a basic records search on a company registered in Papua New Guinea, Fiji, Australia and Singapore. *Additional fees apply. Searches can take up to 48 hours.
If you decide to work with a client who is considered "High Risk" and there are mitigating factors present, our software may be able to provide you with sample responses to use in your decision-making process. These responses may be helpful in protecting your business if you are ever audited, as they provide clear documentation of your thought process. You may choose to modify these responses if necessary.