Financial Crime World

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Guyana Tightens AML/KYC Regulations to Combat Money Laundering and Terrorist Financing

In an effort to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework, Guyana has introduced several amendments to its regulations. The new measures aim to enhance the country’s ability to detect and prevent illegal activities such as money laundering and terrorist financing.

Revised AML/CFT Regulations

Under the revised AML/CFT Regulations No. 12 of 2023, real estate agents and brokers are now required to conduct thorough customer due diligence (CDD) on all clients, including:

  • Identifying their ultimate beneficial ownership
  • Verifying their source of funds

Additionally, these professionals must report any suspicious transactions or activities to the Guyana Compliance Commission.

Stricter Requirements for Financial Institutions and Businesses

The amended regulations also introduce stricter requirements for financial institutions and other businesses to:

  • Maintain accurate records of their customers’ transactions
  • Conduct regular risk assessments to identify potential vulnerabilities in their systems

Industry Expert’s Perspective

According to industry experts, the new regulations are a significant step forward in Guyana’s efforts to combat money laundering and terrorist financing. “These amendments demonstrate the government’s commitment to ensuring that our financial system is secure and transparent,” said a spokesperson for the Guyana Financial Services Commission.

The AML/CFT (Amendment) Act No. 15 of 2023, which was passed in February this year, provides the legal framework for the revised regulations. The act introduces new penalties for non-compliance with AML/CFT requirements, including:

  • Fines
  • Imprisonment for individuals and entities that fail to comply

International Organizations’ Support

Guyana’s efforts to strengthen its AML/CFT regime have been welcomed by international organizations, including the Financial Action Task Force (FATF). “We commend Guyana for its ongoing efforts to improve its AML/CFT framework,” said a FATF spokesperson. “The revised regulations demonstrate a significant commitment to addressing money laundering and terrorist financing risks.”

Implementation and Awareness

As part of its efforts to implement the revised regulations, the Guyana Compliance Commission has been working closely with financial institutions and other businesses to raise awareness about their obligations under the new rules. The commission has also established a hotline for reporting suspicious transactions and activities.

Positive Impact on Economy and Financial System

Industry experts believe that the revised AML/CFT regulations will have a positive impact on Guyana’s economy and financial system, providing greater confidence for investors and reducing the risk of money laundering and terrorist financing.