INSTITUTIONAL OBLIGATION

The AML&CTF Act places certain obligations on reporting entities. These obligations include and require reporting entities to:



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.


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.



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.