BOG Issues Guidelines for Anti-Money Laundering and Combating Terrorism Financing

The Bank of Guyana (BOG) has released guidelines to ensure that insurance companies operating in Guyana comply with international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT).

Compliance Requirements

The guidelines require insurance companies to:

Circulate the United Nations Sanctions List to reporting companies under their purview
Maintain records and report suspicious activities to the Financial Intelligence Unit (FIU)
Establish procedures under these guidelines and demonstrate compliance upon request by BOG

Failure to comply with these guidelines may bring into question the fitness and propriety of the company.

Key Requirements

The guidelines outline the following key requirements:

Prudent customer identification
Record keeping
Reporting of suspicious activities

Insurance companies must establish procedures under these guidelines and demonstrate compliance upon request by BOG.

AML and CFT Obligations

The guidelines emphasize the importance of considering the obligations outlined in the Anti-Money Laundering and Countering the Financing of Terrorism Act (AMLA) and all its amendments.

Updates to Guidelines

The BOG will update these guidelines from time to time to reflect new legislation, developments in the financial industry, and changes in international standards.

Key Concepts

Money laundering: The act of concealing or disguising the nature, source, location, disposition, or movement of property or ownership thereof.
Politically Exposed Person (PEP): An individual holding a prominent position in a public office, including spouse, close relative, or associate of such person.

Effective Date

The BOG guidelines are effective immediately and all insurance companies operating in Guyana are expected to adhere to them.

Contact Information

For more information on the BOG guidelines, please contact:

Bank of Guyana [insert address] [insert phone number] [insert email]

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