Kiribati

New section 115A of the Proceeds of Crime Act requires anyone entering or leaving Kiribati with cash above the equivalent of $5,000 (or a higher prescribed amount) to declare it. Failure to declare carries a fine of $12,000, two years' imprisonment, or both, and authorised officers must send declarations to the Financial Intelligence Unit.

Section 102(1) requires a financial institution or cash dealer to identify and verify a customer when entering a continuing business relationship, conducting a transaction without one, on suspicion of money laundering or terrorism financing, or on doubts about earlier documents. Section 102(2) requires verification of the legal existence and structure of legal entities; breach is an offence (s. 102(6)). Under s. 103, if identity is not established the institution must not proceed unless the FIU directs otherwise and must report the attempt as suspicious.

Sections 101 and 106 require records of foreign-currency transactions and identity evidence to be kept for the 'minimum retention period': seven years after an account is closed, seven years after a deposit box stops being used, or otherwise seven years after the transaction or identity verification, whichever is later. Section 106(3) bans anonymous accounts and accounts in false names.