Regulatory Alerts2022-05-05
Eastern Caribbean Central Bank Administrative Guidelines No. 1 of 2002
The Eastern Caribbean Central Bank issued Administrative Guidelines No. 1 of 2002 to regulate how licensed financial institutions establish and maintain relationships with shell banks. The guidelines mandate rigorous due diligence, including verification of incorporation records, principals' identities, funding sources, and physical presence criteria for foreign banks. Institutions must audit existing partnerships, terminate non-compliant relationships, and review historical transactions to prevent money laundering conduits.
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