Guyana Banks Defend Strict Regulatory Compliance Amid Political Row
Guyana's banking association defends strict regulatory compliance measures amid political controversy, emphasizing the importance of maintaining financial system integrity and international standards.
Guyana Association of Bankers Inc headquarters in Georgetown, representing the country's banking sector compliance standards
The Guyana Association of Bankers Inc (GABI) has issued a statement defending commercial banks' adherence to strict regulatory obligations, emphasizing the critical importance of maintaining financial system integrity amid recent political tensions.
Regulatory Framework and International Standards
The statement comes in response to calls for boycotts from the We Invest in Nationhood (WIN) political party, whose candidates have faced account closures due to de-risking measures by banks. The party is led by US-sanctioned businessman Azruddin Mohamed.
"All licensed commercial banks in Guyana operate within a framework of national laws and international standards," GABI emphasized in their official statement.
Critical Compliance Measures
The banking association highlighted several key regulatory requirements that guide their operations:
- Anti-Money Laundering (AML) protocols
- Countering the Financing of Terrorism (CFT) requirements
- Global risk management practices
These measures have become increasingly important as Guyana's banking sector navigates complex compliance challenges while maintaining international financial relationships.
Commitment to Financial Stability
GABI reaffirmed its dedication to maintaining a robust and compliant banking sector that serves Guyana's economic interests. This stance aligns with broader national efforts to promote inclusive economic development while ensuring regulatory compliance.
Adrian Singh
Business reporter focused on economic freedom, foreign investment, and institutional transparency.