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Proceeds of Crime (Anti-Money Laundering and Terrorism Financing) Regulations

Overview of Key Requirements for Relevant Persons

The Proceeds of Crime (Anti-Money Laundering and Terrorism Financing) Regulations, SRO. 5, 2012, of Grenada outline various requirements for relevant persons to prevent money laundering and terrorist financing.

Key Points

  • Money Laundering Reporting Officer: A relevant person must appoint a Money Laundering Reporting Officer (MLRO) who will act as the liaison between the relevant person and the Financial Intelligence Unit (FIU).
    • The MLRO’s role is crucial in ensuring compliance with regulations, acts, and guidelines related to money laundering.
  • Due Diligence Audit: The FIU or a designated person may conduct an inspection to verify compliance with regulations, acts, and guidelines related to money laundering.
    • This audit ensures that relevant persons are adhering to the required standards for preventing money laundering.
  • Suspicious Transactions: A relevant person must establish written internal reporting procedures for suspicious transactions, including:
    • Ensuring a clear reporting chain
    • Providing the MLRO with reasonable access to relevant information
  • Staff Training: A relevant person must provide education and training for directors, management, and key staff on various topics related to money laundering and terrorist financing.

Additional Requirements

If you would like me to highlight specific sections or requirements from these regulations, please let me know!