Financial Crime World

Guyana Takes Stance Against Financial Crime: AML vs CFT Regulations Come into Effect

In a significant move to combat financial crime and money laundering, Guyana has introduced new regulations requiring businesses to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards. These statutory obligations aim to ensure that financial institutions and other reporting entities take necessary steps to prevent illicit activities.

Compliance Requirements

To comply with these regulations, businesses must:

  • Register with the Financial Intelligence Unit (FIU) by submitting a completed registration form along with supporting documents, including:
    • Business registration
    • License issued by the Guyana Revenue Authority
    • Owner identification
    • Recent financial statements
  • Appoint a compliance officer to oversee reporting entity compliance
  • Conduct customer due diligence and enhanced customer due diligence
  • Create a policy manual outlining reporting and record-keeping procedures
  • Maintain customer records for at least seven years
  • Provide regular AML/CFT training to employees

Reporting Requirements

In addition, businesses must submit:

  • Monthly threshold transaction reports
  • Quarterly terrorist property reports
  • Suspicious transaction reports to the FIU

An independent audit function is also required to test AML/CFT procedures and systems.

Consequences of Non-Compliance

Failure to comply with these regulations can result in sanctions being instituted under Section 23 (1) (e) of the AML/CFT Act. Businesses are encouraged to take all necessary steps to ensure compliance, as non-compliance can have severe consequences.

FIU Monitoring and Enforcement

The FIU will closely monitor compliance and take action against businesses found to be non- compliant. The agency is located at Lot 49 Main and Urquhart Streets, Georgetown, Ministry of Finance Compound, and can be contacted for further information on the registration process and other AML/CFT requirements.

Note: It’s recommended that businesses consult with relevant authorities and experts to ensure they are fully compliant with these regulations.