Grenada’s Financial Institutions Under Scrutiny: Compliance Crucial for Stability

The Single Regulatory Unit (SRU), known as GARFIN, has taken charge of regulating and supervising Grenada’s non-bank financial sector to promote public confidence and maintain the integrity of the financial system.

GARFIN’s Mission Established under the GARFIN Act, the agency is responsible for ensuring effective regulation and supervision of designated non-bank financial institutions. Its mission is critical for maintaining confidence and stability in the financial system, which is essential for Grenada’s overall economic development.

Regulatory Responsibilities

• Credit Unions: Regulated in accordance with the Cooperative Societies Act No. 8/2011
• Insurance Companies: Overseeing twenty-six (26) licensed entities operating in Grenada
• International Business Companies (IBCs): Eight (8) registered agents acting as intermediaries for incorporation and registration purposes
• Money Service Businesses: Regulating non-financial businesses that transmit or convert money

The Importance of Compliance In today’s turbulent economic times, GARFIN’s role becomes even more significant. As Grenada’s financial institutions strive to maintain stability and confidence in the financial system, compliance with regulatory requirements is crucial. GARFIN’s oversight and guidance will be instrumental in ensuring that these institutions operate in a fair and transparent manner, ultimately contributing to the country’s economic growth and development.

Conclusion GARFIN plays a vital role in maintaining the integrity of Grenada’s financial system by regulating and supervising non-bank financial institutions. As the regulatory body for this sector, GARFIN is responsible for administering laws that govern various aspects of the non-bank financial sector. Its efforts will help promote public confidence and contribute to the country’s economic growth and development.