Micronesia
3 regulators · 6 laws & regulations · 3 obligations
| Obligation | Timing | Regulator | Arises from | Source | Detail |
|---|---|---|---|---|---|
| Banking | |||||
| AML record retention | Retention period At least five (5) years from the date the relevant business or transaction was completed | — | Money Laundering and Proceeds of Crime (Title 11, Chapter 9, FSM Code, §§ 901-979) | source | |
§ 914 requires records of transactions exceeding $10,000 (or the foreign-currency equivalent) and of the identity evidence obtained, and accounts to be kept in the account holder's true name. § 914(4) sets the retention period. |
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| Suspicious transaction reporting | Deadline As soon as possible, but no later than three (3) working days after forming the suspicion | — | Money Laundering and Proceeds of Crime (Title 11, Chapter 9, FSM Code, §§ 901-979) | source | |
§ 915 requires an institution that is a party to a transaction and has reasonable grounds to suspect the information may be relevant to an investigation or prosecution of a serious offence to report in writing to the Department of Justice. The report should be made wherever possible before the transaction is carried out. Good-faith reports are protected from suit (§ 925); tipping off is an offence (§ 919(4)). |
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| Insurance | |||||
| Insurers' annual audited balance sheet | Frequency Within three months after the end of each fiscal year | — | Insurance Act of 2006 (Title 37, Subtitle I, FSM Code) | source | |
§ 309(1)(a) requires licensed and registered insurers to file a certified audited balance sheet and an auditor's certificate within three months after each fiscal year ends. § 309(2) requires licensed agents, brokers and solicitors to report premium accounting quarterly. |
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| No obligations match these filters. | |||||