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Central Bank of Belize Issues AML/CTF/CPF Guidelines for Regulated Institutions
December 2023 - The Central Bank of Belize has issued guidelines to regulated institutions in the country, outlining measures to combat money laundering, terrorist financing, and other financial crimes.
Requirements for Regulated Institutions
The guidelines require institutions to:
- Identify and report suspicious transactions
- Maintain records of customer information
- Outline procedures for reporting large cash transactions and cross-border payments
Key Terms Defined
The guidelines define key terms such as:
- Immediate Family: Parents, grandparents, siblings, spouse, children, grandchildren, and in-laws of a designated person
- Intermediary: A financial institution that acts as a conduit between suppliers of funds and users of funds
- Occasional Transaction: Any one-off transaction conducted by a person without an account or facility at the financial institution
Reporting Entities
The guidelines outline requirements for reporting entities, including:
- Remittance services providers: Businesses that accept cash or other monetary instruments in one location and pay out corresponding sums to beneficiaries in another location
- Remittance agents: Individuals who carry on money transfer services on behalf of these providers
Other key terms defined in the guidelines include:
- Politically Exposed Persons: Individuals entrusted with public functions, their family members, or close associates
- Reporting Entity: A person whose regular occupation or business is carrying out activities listed in the First Schedule of the Money Laundering and Terrorist Financing Prevention Act
- Shell Bank: A bank incorporated in a jurisdiction where it has no physical presence and is unaffiliated with a regulated financial group
Requirements for Reporting Suspicious Transactions
Institutions must report suspicious transactions, including those involving:
- Senior political figures or shell banks
- Maintain records of customer information and source of funds and wealth
- Conduct ongoing due diligence on customers
Supervisors
The Central Bank of Belize has designated the following as supervisors responsible for ensuring compliance with these guidelines: [insert list of supervisors]
Consequences of Non-Compliance
Institutions that fail to comply with these guidelines may face penalties and sanctions under the laws of Belize. The guidelines are effective immediately, and all regulated institutions are expected to comply.
About the Central Bank of Belize
The Central Bank of Belize is the country’s central bank, responsible for maintaining monetary stability and promoting economic growth. It was established in 1982 and is headquartered in Belmopan.
Contact: [Central Bank of Belize] [Phone number] [Email address]