Anti-Money Laundering/Combating the Financing of Terrorism
The Guyana Revenue Authority (GRA) in accordance with the provisions of the AMLCFT Act 2009 was appointed Supervisory Authority for the following sectors:
|NO.||REPORTING ENTITIES/ACTIVITIES/BUSINESSES||CLASS OF REPORTING ENTITY||DATE OF APPOINTMENT|
|1||Pawnbrokers||Other activity or business subject to the AML/CFT Act||2014-09-08|
|2||Used Car Dealers/Car Parts Dealers||Other activity or business subject to the AML/CFT Act||2014-09-08|
|3||Dealers in Real Estate||Designated Non-Financial Business or Profession||2014-09-08|
GRA’s Role as a Supervisory Authority
Section 22 of the AML/CFT Act 2009 specifies the Roles of the Supervisory Authority (SA) as follows:
- Examine and supervise Reporting Entities (REs) and regulate and oversee effective compliance with the AML/CFT Act.
- Issue instructions, guidelines or recommendations and provide training to REs on their obligations and requirements under the Act.
- Conduct onsite compliance visits to inspect premises and documents and observe the manner in which certain functions are undertaken.
- Request and be given information relevant to ML/TF matters from REs.
- Cooperate and share information promptly with other domestic competent authorities or other countries.
- Develop standards and criteria applicable to the communication of suspicious activities.
- Impose requirements that RE shall ensure that their foreign branches and subsidiaries adopt and enforce measures consistent with this Act.
- Submit a report to the FIU, on or before 3 working days, after acquiring any information on any suspicious transactions or activities.
- Maintain statistics concerning measures adopted and sanctions imposed under this Act.
Obligations of a Reporting Entity
The statutory responsibilities / obligations of the RE’s are articulated in Sections 15, 16, 18, 19 and 20 of the AML/CFT Act of 2009 (Extract of the AMLCFT Act)
Statutory obligations include:
- Register with the Financial Intelligence Unit (FIU) FIU Registration Form
Please note that the following supporting documents are to be submitted along with the registration form:
- Business registration/Articles of Incorporation
- Licence issued by the GRA (Dealer’s, Pawnshop, House Agent)
- Owner’s identification (Passport, National ID)
- Recent Financial Statements
It should be noted that the completed registration form along with the relevant documents as specified on the form are to be submitted to the FIU and not the GRA. The FIU is located at Lot 49 Main and Urquhart Streets, Georgetown (Ministry of Finance Compound). The GRA will be informed accordingly by the FIU when your registration process is completed.
2. Appoint a compliance officer who shall be responsible for ensuring the reporting entity’s compliance with the requirements of the AML/CFT Act.
3. Conduct Customer Due Diligence (CDD) and Enhanced Customer Due Diligence (ECDD) by identifying and verifying the identity of customers.
4. Create a policy manual to ensure that your reporting, record keeping and client identification requirements are being adhered to. (Policy Manual – Guidance Notes No. 1 of 2017)
5. Maintain all customer records relevant to transactions, for at least seven (7) years.
6. Conduct AML/CFT training with employees (where applicable) on a regular basis to ensure that they are up to date with new AML/CFT requirements and obligations.
7. Submit monthly Threshold Transaction Reports (TTRs), quarterly Terrorist Property Reports (TPRs) and Suspicious Transaction Reports (STRs) to the FIU.
8. Establish and maintain independent audit function to test its AML/CFT procedures and systems.
You are encouraged to take all necessary steps to ensure compliance as failure to do so can result in sanctions being instituted as set out in Section 23 (1) (e) of the AML/CFT Act.
Please note that additional information with regards to the AML/CFT can be obtained from the FIU’s website at https://fiu.gov.gy/
Reporting Entities can contact the Intelligence & Risk Assessment Unit on telephone number 227-6060 extensions 3401, 3404 or 3409 or email address: email@example.com for any additional information or assistance in relation to AML/CFT matters.