Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Guidelines for Financial Institutions in Guyana

Introduction

The following guidelines outline procedures and policies for financial institutions in Guyana to prevent money laundering and combating the financing of terrorism. These guidelines aim to:

• Prevent money laundering and CFT through effective risk management, customer due diligence, reporting suspicious transactions, and cooperation with regulatory bodies.
• Implement policies, procedures, and controls to comply with Guyana’s AML/CFT laws.

Customer Due Diligence (CDD)

Institutions must:

• Verify customers’ identities
• Obtain information about the purpose and nature of business relationships
• Conduct CDD at account opening and update as necessary

Risk Assessment

Institutions must assess their risk exposure to money laundering and CFT based on factors such as:

• Customer type
• Product offering
• Geographic location

Reporting Suspicious Transactions (STRs)

Institutions must report any suspicious transactions or activities to the Financial Intelligence Unit (FIU). The FIU will analyze STRs and may request additional information from institutions.

Money Laundering Reporting Officer (MLRO)

Each institution must appoint an MLRO responsible for:

• Receiving, analyzing, and reporting STRs
• Training on AML/CFT laws, procedures, and trends

Protection of Reporting Persons and Staff

Institutions and their employees are protected from liability if they report suspicious transactions in good faith to the FIU.

Tipping Off

Institutions and their employees must not disclose to customers that a suspicious transaction report has been made to the FIU.

Review and Revision of Guidelines

Institutions should review these guidelines regularly and provide feedback to the FIU for revisions as necessary.

Effective Date

These guidelines become effective on April 1, 2009.

Appendix: Examples of Suspicious Transactions

• Unusually large cash deposits
• Frequent exchange of cash into other currencies without exchange control approval
• Customers whose deposits contain counterfeit notes or forged instruments
• Large cash deposits using night safe facilities
• Customers who seek to maintain multiple trustee or customer accounts with nominee names

These guidelines aim to help financial institutions in Guyana identify and prevent money laundering and CFT activities, while also protecting their employees from liability.