AML Compliance

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The Guyana Bank for Trade and Industry Limited (“GBTI” or ‘the Bank’) is licensed to operate in Guyana as a Bank. GBTI takes all reasonable measures to ensure that proper safeguards exist to mitigate the risks of Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) and to prevent a contravention of any requirement under the AML/CFT legislation of Guyana. The Bank establishes and implements adequate and appropriate AML/CFT/CPF policies, procedures and controls, taking into account factors including types of customers, products and services offered, delivery channels and geographical locations involved. These policies, procedures and controls are grouped into a compliance programme, which includes, but is not limited to, the following areas:

  1. The appointment of a Chief Compliance Officer and alternate with the relevant experience and qualifications to manage the compliance programme.
  2. A customer due diligence policy which incorporates customer acceptance, customer identification, customer risk rating, ongoing transaction monitoring and customer remediation procedures. It also includes performance of enhanced due diligence on high risk clients such as Politically Exposed Persons (PEPs) and other classes of high risk clients.
  3. A suspicious activity reporting policy which incorporates suspicious activity identification and monitoring, investigation and reporting to relevant agencies and to senior management, as applicable.
  4. Ongoing AML/CFT/PF training of all staff at all levels in areas that are both general and specific to various job functions.
  5. A sanctions screening policy for all customers and all international transactions processed by the bank. Screening is done against lists such as OFAC, UNSCR, EU, HMT and locally collated lists, including local adverse media and is done using mainly automated methods.
  6. Policies that mandate internal and external audits of the Bank’s AML/CFT/PF compliance program.
  7. A record retention policy that stipulates the record keeping requirements for various classes of documents in keeping with local and international standards.

These and other policies are available in the AML/CFT Compliance Manual that is updated regularly by the Bank’s Compliance Department.