Financial Crime World

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Compliance Officer: The Key to AML/CFT Compliance

As a Reporting Entity (RE), it is crucial to have a dedicated Compliance Officer who oversees the implementation and maintenance of your Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance program. This individual plays a vital role in ensuring that your organization adheres to the strict regulations set forth by the Financial Intelligence Unit (FIU).

Key Responsibilities

The Compliance Officer is responsible for designing, implementing, and maintaining an effective AML/CFT program. Some of their key responsibilities include:

  • Conducting Customer Due Diligence (CDD) and Enhanced Customer Due Diligence (ECDD): Identifying and verifying customer identities
  • Creating a policy manual: Ensuring adherence to reporting, record-keeping, and client identification requirements
  • Maintaining customer records: Keeping records for at least seven years
  • Providing regular AML/CFT training: Training employees on AML/CFT compliance
  • Submitting reports to the FIU: Submitting monthly Threshold Transaction Reports (TTRs), quarterly Terrorist Property Reports (TPRs), and Suspicious Transaction Reports (STRs) to the FIU

Reporting to the FIU

The Compliance Officer is also responsible for submitting reports to the FIU, including TTRs, TPRs, and STRs. The FIU will provide training, guidance, and templates to assist REs in fulfilling their reporting responsibilities.

United Nations (UN) Sanction List

REs are required to be aware of UN sanctions listings and report any positive matches immediately to the FIU. The GRA sends advisories issued by the UN to alert REs on countries and individuals facing economic, trade, or diplomatic limitations due to criminal or peace-violating activities.

Getting Help

If you have any questions or concerns regarding AML/CFT compliance, the GRA’s AML/CFT Team is available to provide additional information or assistance. You can contact them via:

For more information and guidance on AML/CFT compliance, visit the GRA’s website at https://www.gra.gov.gy/amlcft/.