With Guyana due for an assessment by Caribbean Financial Action Task Force (CFATF) in the first quarter of 2022, the Bank of Guyana has taken significant steps to tighten its anti-money laundering systems.
According to the Bank, it continued with the implementation of its Anti-Money Laundering (AML) /Countering the Financing of Terrorism (CFT) Programme which adopts and incorporates the principles and systems which are contained in the national anti-money laundering and countering the financing of terrorism regime along with international best practice standards, to the extent that they are applicable to the Bank’s operations.
The systems and principles which were adopted include the Anti-Money Laundering /Countering the Financing of Terrorism Policy and procedures on Customer due diligence/Know Your Customer requirements, Record Keeping requirements and the Monitoring and Reporting of Suspicious Activity/ Transactions.
There was also the appointment of an Anti-Money Laundering Compliance Officer (AMLCO), staff awareness, and ongoing training, as well as the conduct of independent audits.
Further to this, the Bank of Guyana said that it continuously monitors the development of any national and international standards, as well as regulations and guidelines related to the prevention of money laundering and terrorist financing. It said, too, that it remains strongly committed to ensuring continuous modification and implementation of its programme as may be required.
