Guyana Introduces Stringent AML/KYC Regulations to Combat Financial Crimes
Strengthening Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Framework
GEORGETOWN, GUYANA - In an effort to enhance its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework, the Government of Guyana has implemented new regulations for reporting entities and supervisory authorities.
Guidelines and Advisories Issued by Financial Intelligence Unit (FIU)
The FIU has released various guidelines and advisories aimed at preventing the misuse of financial systems for terrorist financing and money laundering. These guidelines are designed to ensure that financial institutions and other reporting entities have the necessary tools to identify and report suspicious transactions.
Key Regulations and Guidelines
- Risk-Based Approach: Reporting entities must conduct thorough customer due diligence on individuals and companies deemed to be at higher risk of involvement in money laundering or terrorist financing.
- Effective Supervision: Regulatory bodies must ensure that financial institutions are complying with AML/CFT regulations.
- Suspicious Transaction Report (STR) Guideline: Reporting entities must submit detailed reports on any transactions linked to money laundering or terrorist financing.
Targeted Financial Sanctions
Reporting entities are required to screen their customers against lists of designated individuals and entities subject to sanctions related to terrorism, terrorism financing, and proliferation financing.
Other Key Guidelines
- AML/CFT Handbook for Reporting Entities: A comprehensive guide to implementing AML/CFT controls.
- Guidance Notes for Securities Companies and Insurance Companies/Brokers: Specific requirements for these sectors outlined.
Implementation: A Major Step Forward in Combating Financial Crimes
The implementation of these regulations is seen as a major step forward in Guyana’s efforts to combat financial crimes and protect its financial system.