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Suriname’s Compliance Checklist for Financial Institutions: Ensuring AML Regulations are Met

In Suriname, money service businesses (MSBs) play a vital role in the financial system. However, they are also a persistent target of money launderers and other financial criminals. To combat this threat, MSBs are required to comply with anti-money laundering (AML) regulations.

What is an MSB in Suriname?

Understanding whether your business falls under the MSB category is the first step towards compliance with AML regulations. Once you recognize that your business is an MSB, you can implement the necessary procedures and safeguards to prevent money laundering and comply with AML regulations.

In Suriname, a money service business is defined as any organization or individual involved in money conversion and transmission. This includes businesses such as:

  • Cashing checks
  • Offering foreign currency exchange services
  • Selling money orders
  • Issuing travelers’ checks
  • Other financial services

To be considered an MSB, a business must handle transactions exceeding $1,000 per person, per day.

Suriname’s MSB AML Checklist

To ensure compliance with AML regulations in Suriname, MSBs need to implement AML policies and make sure they are followed. Here is a checklist to help you stay on top of these requirements:

1. Register with the Suriname Financial Intelligence Unit (FIU)

  • MSBs in Suriname are required to register with the FIU within 180 days of establishing their business.
  • This registration requirement must be renewed every two years.

2. Appoint an individual or team with AML responsibilities

  • MSBs in Suriname are required to designate a person or team to handle AML compliance and oversee the effective implementation of AML policies.

3. Create and implement FIU reporting policies

  • MSBs in Suriname must file a FIU report for cash-in or cash-out transactions exceeding $10,000 in one business day for any single person.
  • If a transaction or series of transactions amounting to $2,000 or more is deemed suspicious, they must file a Suspicious Activity Report (SAR).

4. Create and implement Know Your Customer (KYC) policies

  • The Know Your Customer process is a vital component of AML compliance in Suriname.
  • During the customer onboarding process, MSBs must identify and verify the identity of customers to mitigate fraud and illicit activities.

5. Adopt transaction monitoring procedures

  • MSBs in Suriname are required to monitor transactions for suspicious activity and document and report transactions that may indicate money laundering or financial crime.

6. Train personnel with AML responsibilities

  • MSBs in Suriname are mandated to provide AML training to their compliance staff and relevant employees to ensure that they are up to date with the rules and procedures and understand their roles and responsibilities in adhering to AML regulations.

7. Invest in AML tools

  • AML regulations place MSBs under a significant burden.
  • Handling reporting and KYC processes manually is expensive, time-consuming, and error-prone.
  • Fortunately, there exist AML software solutions to automate some aspects of AML compliance, including KYC identity verification, transaction monitoring, and regulatory reporting.

By following this checklist, MSBs in Suriname can minimize money laundering risk while complying with AML regulations.