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New cross-border client verification system in line with anti-money laundering law

Last Updated on Saturday, 26 December 2015, 20:59 by GxMedia

Bank of Guyana Governor, Lawrence Williams says that the services of the Guyana-based office of an international credit information provider enhances compliance with the Anti-Money Laundering and Counter Financial Terrorism (AMLCF) legislation and he encourages the business community to utilise the services of the entity.

Williams made the appeal while addressing a small gathering at the Georgetown Club on Camp Street , where CREDITINFO (Guyana) Incorporated , a credit risk management provider , launched two new services aimed at assisting the business community in obtaining credible information on business partners overseas as well as credit history  information on locally registered businesses, by the click of a mouse.The SeeRisk report , a comprehensive customised report which details information on foreign business entities , is mainly tailored for the business community here as it affords businesspersons with a choice in their decision-making while conducting business with international partners. The programme entails the businessperson being provided with financial information on the other party such as those based in Europe, the United States and Canada. The information is sufficient to substantiate claims of financial stability, ability to service agreements as well as a firm foundation for decisions on credit lines. It is offered at a price of G$ 6,200 per report provided online while the “on-demand” report carries a variable cost , dependent on the country which is being analysed by CREDITINFO.

The SeeId Module, which is a report on entities/business persons ID here, utilises GoogleEarth in its identification as well as information from the Official List of Electors from the Guyana Elections Commission (GECOM). The entity is working to include a database of stolen, lost or expired passport information to offer to the public as part of its services.

According to Williams , “the undertaking to launch the products to its mainstream business is highly commendable”. He said that the move makes Guyana attractive to foreign investors and according to him , “the Bank of Guyana supports Creditinfo and I encourage the business community to be avail of SeeRisk which will provide credible information “. He added that, the business services “enhances compliance with AMLCFT .According to Williams, the AMLCFT Act sets out a  requirement for banks or financial institutions relative to cross border relationships.  Among the requirements, he said are for entities here to verify the entity overseas with which ti is carrying out business , gather information on the foreign entity  as well as assess the entity’s anti-money laundering and financial control. He said that the SeeRisk report offered by CREDITINFO fits those requirements as he stressed his support of the products offered by the entity whose headquarters are in Iceland.

David Falconer, Manager, Sales and Business Development noted that the products are meant to “help the business community to make an informed decision on companies they transact business …so that they can proceed with confidence”. He added that it also keeps one in tune with the phrase “know your customer”.Persons interested in the products offered by CREDITINFO can visit their website or the entity’s offices at 267, New Market Street in the city.

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