Here is the converted article in Markdown format:
Grenada Introduces New Anti-Money Laundering Regulations
==============================================
The Government of Grenada has introduced new regulations aimed at combating money laundering and terrorist financing in the country. The regulations, which came into effect on [date], require financial institutions and other relevant persons to implement strict anti-money laundering (AML) procedures to prevent illegal activities.
Money Laundering Reporting Officer
Under the new regulations, a Money Laundering Reporting Officer (MLRO) will be responsible for ensuring compliance with AML requirements. The MLRO will ensure that staff members are aware of their obligations under the regulations and will act as a liaison between relevant persons and the Financial Intelligence Unit (FIU).
Due Diligence Audit
The FIU or its designated representatives may conduct inspections to verify compliance with AML requirements. The FIU may also issue directives to ensure adherence to these regulations, which will be published in the Gazette.
Suspicious Transactions
Relevant persons are required to establish written internal reporting procedures for suspicious transactions. These procedures must enable directors and staff to report knowledge or suspicion of money laundering to the MLRO. The MLRO must have reasonable access to all relevant information to assist in investigations.
Staff Training
All staff members, including directors and key personnel, will receive education and training on AML requirements, including the provisions of the regulations, international conventions, and standards of compliance established by regional and international organizations.
Key Changes
- Appointment of a Money Laundering Reporting Officer (MLRO) to ensure compliance with AML requirements
- Conduct of inspections by the FIU or its designated representatives to verify compliance
- Establishment of written internal reporting procedures for suspicious transactions
- Education and training for staff members on AML requirements
Effective Date
The new regulations came into effect on [date].
Contact
For more information, please contact the Financial Intelligence Unit (FIU) at [phone number] or [email address].