About Transactions Reporting Authority
The National Reserve Bank of Tonga, appointed as the Transaction Reporting Authority (TRA) functions as the Kingdom of Tonga's financial intelligence unit. The TRA is established under the Money Laundering and Proceeds of Crime Act (MLPC).
The functions of the TRA are to receive, analyse and disseminate information relating to money laundering and counter terroist financing. The TRA works in collaboration with partner agencies developing financial intelligence to deter, prevent and combat money laundering and counter terrorist financing. TRA facilitates the detection, prevention and deterrence of money laundering and financing of terrorist activity by engaging in the following activities.
- Implementing prescribed functions under the MLPC
- Receiving, analyzing and assessing suspicious financial information;
- Disclosing financial intelligence to the appropriate law enforcement agencies.
- Ensuring compliance
- Enhancing awareness
- Collaborating on anti-money laundering and terrorist financing initiatives with domestic law enforcement, and with foreign financial intelligence unit counterparts.
MLPC obligations for Financial Institutions & Cash dealers
Financial institutions and cash dealers are required to verify customer identification, establish and maintain customer records, report suspicious transaction reports, establish and maintain internal reporting procedures and comply with all requirements stipulated in the MLPC and the TRA Guidelines.
FINANCIAL INTELLIGENCE