Nauru

Section 7 requires each covered corporation, partnership, business registration or trust to have a nominated officer who is a resident or citizen, and s 8(1) requires the Authority to be notified in writing within 30 days of appointment. Under s 14(2)(a) the nominated officer preserves the required details for 7 years from the end of the period to which they relate.

Section 19 requires a reporting entity to develop and implement a written AML/CFT programme within 1 month of commencing business, approved by senior management (s 19(2)(b)); s 25 gives businesses already operating at commencement 12 months. Section 20 requires a financial crime compliance officer, who must be senior management with direct access to the directors and act independently. Section 24 requires a written business risk assessment.

Section 28 requires reporting entities to keep records in a form that lets them answer FIU and law enforcement requests promptly. Section 29 requires them to be kept for at least 7 years, counted from the latest of record creation, last update, account closure or the end of the business relationship, and the period does not start while an account or relationship remains open (s 29(4)).

Section 30(1) requires a financial institution to tell the Secretary for Justice immediately about property it holds that is owned or controlled by a specified entity, or that it reasonably suspects is such property. Section 30(4) requires it to report to the FIU any dealing it reasonably suspects is related to a terrorist act. The text states no period for the FIU report.

Section 36 requires information that must be given to the FIU to be provided within 14 days of receiving the request. Section 19(4) separately requires a reporting entity to give the FIU its compliance programme within 14 working days of a notice.

Section 59(1) requires a reporting entity that knows or suspects on reasonable grounds that listed circumstances exist to report to the FIU, and s 59(3) sets the period at no later than 2 working days after the occurrence of one of those circumstances. Section 60 requires a record of the reasons where the entity decides not to report, and s 64 requires supervisory authorities and auditors to report suspicious activity to the FIU.