Outreach

As part of its Offsite Supervision, the FCS (the “FCS”) launched its 1st Cycle of the Transaction Monitoring and Suspicious Transaction Report Questionnaire (“STR Questionnaire”) in October 2020.

 

The STR Questionnaire is an offsite supervisory tool aimed to assist the FCS in monitoring its licensees on Anti-Money Laundering /Countering the Financing of Terrorism (“AML/CFT”) issues, as well as identifying and mitigating emerging Money Laundering / Terrorism Financing (“ML/TF”) risks in a timely manner.

 

In this respect, the STR Presentation highlights the good practices adopted by the
FCS licensees and the deficiencies identified. The aim of the presentation is also to strengthen the transaction monitoring and STR obligations of FCS licensees.

 

The STR Presentation on ‘Overview of Transaction Monitoring and Suspicious Transaction Report filing practices by FCS licensees’ can be viewed 

here.

 

 

Disclaimer

© 2021 FCS Grenada

The content of this presentation is proprietary and confidential information of FCS Grenada. It is not intended to be distributed to any third party without the written consent of FCS Grenada. The material in this presentation has been prepared by FCS as at July 2021 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information. 

All Rights Reserved

Targeted Financial Sanctions (‘TFS’) refer to the measures for asset freezing and prohibitions to prevent funds or other assets from being made available, directly or indirectly, for the benefit of designated persons and entities.

Recommendation 6 of the Financial Action Task Force requires each country to implement the targeted financial sanctions regimes to comply with the United Nations Security Council Resolutions (UNSCRs) relating to the prevention and suppression of terrorism and terrorist financing.

In this respect, the presentation on TFS and PF provides an overview of the FATF Recommendations and highlights the objective of TFS and PF supervision system in Grenada as well as the corresponding challenges.

The Presentation on Targeted Financial Sanctions and Proliferation Financing can be accessed

here.

 

 

 

 

 

Disclaimer

© 2021 FCS Grenada

The content of this presentation is proprietary and confidential information of FCS Grenada. It is not intended to be distributed to any third party without the written consent of FCS Grenada. The material in this presentation has been prepared by FCS as at July 2021 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information. 

All Rights Reserved

The Financial Action Task Force (FATF) Recommendation 1 states that in implementing a Risk Based Approach, Financial Institutions (FIs) should have in place processes to identify, assess, monitor, manage and mitigate money laundering and terrorist financing risks.

Recommendation 18 of the FATF requires financial institutions’ programmes against Money Laundering and Terrorist Financing (ML/TF) to include an independent audit function to test the system. 

 

In order to assist Financial Institutions in applying national measures to combat ML/TF, the FCS Grenada has updated the Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Handbook on 31 March 2021 by elaborating on Business Risk Assessment and a new chapter on Independent Audit.

 

In this respect, the presentation on Independent Audit & Business Risk Assessment will address the common queries raised by the industry and act as a guidance to properly adhere to all AML/CFT parameters.

The Presentation on Independent Audit & Business Risk Assessment can be accessed

here.

 

 

 

 

Disclaimer

© 2021 FCS Grenada

The content of this presentation is proprietary and confidential information of FCS Grenada. It is not intended to be distributed to any third party without the written consent of FCS Grenada. The material in this presentation has been prepared by FCS as at 11 August 2021 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information. 

All Rights Reserved