Guyana Financial Institutions Urged to Adhere to AML Guidelines to Prevent Money Laundering and Terrorism Financing
The Financial Intelligence Unit (FIU) in Guyana has issued a series of guidelines to financial institutions aimed at preventing money laundering and financing of terrorism. The guidelines, which were amended in August 2018, provide a risk-based approach for non-profit organizations (NPOS) to identify and mitigate the risks associated with terrorist financing.
Identifying High-Risk Customers
According to the FIU’s advisory on money laundering and financing of terrorism, high-risk customers are defined as individuals or entities that have been identified by the organization as posing a higher risk due to their business activities, country of origin, or other factors. Financial institutions are required to conduct enhanced due diligence on these customers to ensure compliance with anti-money laundering (AML) regulations.
Guidelines for Detecting and Preventing Terrorist Financing
The FIU has also issued guidelines for detecting and preventing terrorist financing, which include:
- Reporting suspicious transactions to the agency’s CaseKonnect system
- Implementing targeted financial sanctions related to terrorism, terrorism financing, and proliferation financing
Additional Guidelines
Other guidelines issued by the FIU include those for:
- Securities companies
- Insurance companies and brokers
- Beneficial ownership
- Targeted financial sanctions measures
- Reporting suspicious transactions
The FIU’s AML/CFT Handbook provides a comprehensive guide for reporting entities on how to comply with AML regulations. The handbook includes information on:
- Identifying and reporting suspicious transactions
- Conducting due diligence
- Maintaining records
Submitting Reports to the FIU
Financial institutions in Guyana are required to submit reports to the FIU via CaseKonnect, an online system that allows for the submission of suspicious transaction reports (STRs) and other financial intelligence. The agency uses this information to analyze trends and patterns in money laundering and terrorist financing activities.
Effective Supervision and Training
The FIU has also issued guidance on effective supervision, which includes:
- Monitoring and evaluating the AML/CFT controls of reporting entities
- Providing training and resources for financial institutions to help them comply with AML regulations
- Working with international partners, including the Financial Action Task Force (FATF), to share best practices and improve its AML/CFT regime
Politically Exposed Persons (PEPs)
The FIU has also provided guidance on Politically Exposed Persons (PEPs), who are individuals or families that hold significant public office or influence.