Financial Crime World

Compliance Officer’s Key Responsibilities: Combating Money Laundering and Terrorist Financing in Guyana

Introduction

In an effort to combat money laundering, terrorist financing, and other financial crimes, the Guyana Revenue Authority (GRA) has outlined specific duties for Compliance Officers in reporting entities (REs). These responsibilities are crucial in ensuring that REs adhere to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations.

Conduct Customer Due Diligence (CDD) and Enhanced Customer Due Diligence (ECDD)

  • Identify and verify the identity of customers
  • Conduct thorough background checks
  • Gather sufficient information to assess the risk associated with each customer transaction

Create a Policy Manual

  • Develop and implement a comprehensive policy manual
  • Outline procedures for:
    • Client identification
    • Transaction monitoring
    • Suspicious activity reporting

Maintain Customer Records

  • Keep all relevant customer records for at least seven years
  • Ensure transactions can be easily tracked and audited

Conduct AML/CFT Training

  • Organize regular training sessions for employees
  • Equip staff with the necessary skills to identify and report suspicious activity
  • Stay up-to-date with new AML/CFT requirements and obligations

Submit Reports

  • Three types of reports must be submitted to the Financial Intelligence Unit (FIU):
    • Threshold Transaction Reports (TTRs) - monthly, reporting transactions exceeding pre-determined limits
    • Terrorist Property Reports (TPRs) - quarterly, reporting knowledge of funds or assets connected to individuals listed on the United Nations Security Council Consolidated List
    • Suspicious Transaction Reports (STRs) - within three days, reporting suspicious activity or grounds for suspicion

Establish an Independent Audit Function

  • Regularly test and evaluate compliance with regulations
  • Ensure AML/CFT procedures and systems are effective

Contact the GRA’s AML/CFT Team

  • For additional information or assistance in relation to AML/CFT matters and compliance, REs can contact:
    • The GRA’s AML/CFT Team via telephone, email, or visit their headquarters
    • The team is available to provide guidance and support throughout the compliance process

By fulfilling these key responsibilities, Compliance Officers play a critical role in preventing financial crimes and ensuring the integrity of the financial system.