The Eastern Caribbean Central Bank will issue Prudential Standards pursuant to the authority contained in Section 184 of the Banking Act, 2015.
In accordance with Section 183 of the Banking Act, the Minister, upon the recommendation of the Eastern Caribbean Central Bank, may make Regulations as may be required from time to time for giving effect to the provisions of this Act.
The ECCB issued these guidance notes in May 1995 to assist financial institutions in developing programmes to combat money laundering. They promote the implementation of adequate anti-money laundering policies, procedures and controls as they relate to customer identification, verification of transactions, record retention, reporting of suspicious activity, recruitment and training of employees and audit reviews.
ECCU member territories subsequently passed more comprehensive legislation and guidance notes, which ECCB’s guidance notes are expected to complement. Where the requirements of ECCB’s guidance notes differ with the individual territory’s guidance notes, regulations or laws, the territory’s guidance notes, regulations or laws would take precedence.