Compliance Key to Public Confidence in Grenada’s Financial System

Grenada Regulatory Financial Institutions Authority (GARFIN) plays a vital role in promoting public confidence in the country’s financial system by regulating and supervising designated non-bank financial institutions.

Role of GARFIN

As outlined in Section 13 of the GARFIN Act, the authority’s objectives are multifaceted. Specifically, GARFIN aims to:

• Maintain Public Confidence: Ensure that the financial system operating in Grenada is trustworthy and reliable.
• Promote Public Understanding: Educate the public about the financial system, including the benefits and risks associated with different investments or financial dealings, and provide appropriate information and advice.

Compliance Objectives

GARFIN strives to secure an appropriate degree of protection for consumers by considering various factors, including:

• Differing Degrees of Risk: Varying levels of risk involved in different investments or transactions.
• Consumer Needs: Providing accurate information and advice to meet the needs of consumers with varying levels of experience and expertise.
• Consumer Responsibility: Encouraging consumers to take responsibility for their financial decisions.

By ensuring compliance with these regulations, GARFIN helps to maintain a stable and trustworthy financial system in Grenada. This is crucial for promoting public confidence in the country’s financial institutions and protecting consumers from potential risks and uncertainties.

Relevant Legislation

GARFIN administers several enactments and subsidiary legislation, including:

• Cooperative Societies Act
• Insurance Act
• Building Societies Act
• Friendly Societies Act
• International Betting Act
• Company Management Act
• International Trusts Act
• Grenada Development Bank Act
• Money Services Businesses Act
• Virtual Asset Business Act