Regulatory Alerts2022-05-05
Anti-Money Laundering Guidance Notes for Licensed Financial Institutions
The Eastern Caribbean Central Bank requires licensed financial institutions to establish comprehensive anti-money laundering programs featuring designated compliance officers, ongoing employee training, and independent audit functions. Institutions must eliminate anonymous accounts, verify client identities using reliable documents, and retain transaction and identification records for at least five years to support law enforcement inquiries. Furthermore, the guidelines mandate prompt reporting of suspicious activities without customer notification, strict cooperation with authorities, and consistent application across domestic operations and foreign branches.
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