Financial Crime World

Saint Helena Adopts Stronger Anti-Money Laundering Guidelines

Saint Helena has taken a significant step towards combating financial crime by adopting new anti-money laundering (AML) guidelines. The Financial Services Regulatory Authority (FSRA) has published a comprehensive handbook outlining the country’s AML/CFT (Combating Financing of Terrorism) policies and procedures.

Strengthened Regulations

The new guidelines are designed to ensure that all entities operating in the financial services sector in Saint Helena comply with international standards and best practices. Failure to comply with regulations and codes of practice will have serious consequences for individuals and organizations involved in financial transactions.

Key Aspects Covered

The handbook covers key aspects of AML/CFT, including:

  • Corporate governance
  • Customer due diligence
  • Enhanced due diligence
  • Simplified due diligence
  • Third-party reliance
  • Monitoring transactions and activity
  • Reporting suspicious transactions
  • Record keeping
  • Employee screening and training

Compliance Requirements

Under the new guidelines, all financial institutions in Saint Helena will be required to implement robust AML/CFT measures to prevent money laundering and terrorist financing. The guidelines also emphasize the importance of maintaining a strong compliance culture within organizations and ensuring that employees are adequately trained to identify and report suspicious transactions.

Enforcement and Monitoring

The FSRA has urged all entities operating in the financial services sector in Saint Helena to familiarize themselves with the new guidelines and implement necessary changes to ensure compliance. The agency will closely monitor the implementation of these guidelines and take enforcement action against any entity found to be non-compliant.

A Major Step Forward

The adoption of these stronger AML/CFT guidelines is seen as a major step forward in ensuring the integrity of Saint Helena’s financial system and preventing the use of its financial institutions for illicit activities.