Basic AML/CFT/CPF Matters
The law prohibits SVBLA alerting that a SAR has been filed. This offence is known as what?
What is Tipping Off?
In line with AML/CFT/CPF legislation this report is filed when a transaction appears out of the norm.
What is a Suspicious Activity Report (SAR)?
This Act allows one person to legally authorize another to act on their behalf in financial or legal matters.
What is the Power of Attorney Act?
Regulations relating to Money Laundering flows from this.
What is POCA?
This Act governs the legal rights and obligations of married persons, including matters relating to property and marriage.
What is the Matrimonial Act
The law states that when standard customer due diligence is not sufficient due to elevated risk, compliance officers must perform this more intensive review.
What is Enhanced Due Diligence (EDD)?
Fines, Penalties, Reputational damage or Legal actions.
What happens if AML rules are not followed?
Responsibility for receiving internal suspicious reports and determining submitting a SAR to the FIU.
Who is the Money Laundering Reporting Officer (MLRO)?
Provides for the establishment of the FIU which is the national centralised unit in SVG for the collection, analysis and dissemination of suspicious transaction information to competent authorities.
What is FIU Act?
This tool checks customers against restricted lists.
What is sanctions screening?
This document outlines a financial institution's internal controls and procedures for complying with AML/CFT/CPF legislation.
What is an AML/CFT/CPF Policy Manual?
At SVBLA, customers are assigned this based on factors such as occupation, products used, geographic location.
What is a customer risk rating (or customer risk profile)?
This Act criminalizes terrorism and the financing of terrorism.
What is the Anti-Terrorism Act?
This document promotes a risk-sensitive approach to developing AML/CFT systems and procedures.
What is the AMLTF code?
This legal principle means that a person cannot avoid liability by claiming they did not know the law.
What is Ignorance of the law is not an excuse?
In line with AML/CFT/CPF laws financial institutions must determine this person who ultimately owns or controls a company or legal arrangement.
Who is the Beneficial Owner?
A customer suddenly begins making transactions that are inconsistent with their known profile. What AML/CFT requirement should this trigger?
What is ongoing monitoring and enhanced scrutiny?
Under the AML/CFT/CPF framework, financial institutions must pay special attention to business relationships involving these countries.
What are high-risk or FATF-listed jurisdictions?
Regulations empowering supervisory authorities to impose administrative penalties on relevant service providers.
What are the AMLTF (Administrative Penalties) Regulations?
A lawful order issued to a Financial Institution for the disclosure of information and documents obtained by the Institution about transactions conducted through an account held by a particular person with the Institution.
What is a production order?
This regional organization is responsible for promoting and monitoring compliance with AML/CFT/CPF standards among member jurisdictions in the Caribbean.
What is the Caribbean Financial Action Task Force?
This global organization publishes the lists of Jurisdictions Under Increased Monitoring and High-Risk Jurisdictions Subject to a Call for Action.
What is the Financial Action Task Force (FATF)?
SVBLA must conduct its business in accordance with the primary governing legislation.
What is the Building Societies Act?
Regulations provide for the registration and deregistration of non-regulated service providers by the FIU.
What are the AMLTF (NPO) Regulations?
This national agency in St. Vincent and the Grenadines receives Suspicious Activity Reports (SARs) from financial institutions?
What is the Financial Intelligence Unit (FIU)?