ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

Participants of the “Protecting the Financial Sector – Anti-Money Laundering and Combating the Financing of Terrorism” Seminar held at the ECCB Headquarters, 20 - 21 July 2017. The facilitator was Consultant from the Office of the Technical Assistance, United States Department of Treasury - Howard Blacker (front row: 1 st from left)

•  • Technical assistance from the Office of Technical Assistance of the United States Department of the Treasury for (i) drafting of an AML/CFT Risk Based Supervision Manual, (ii) training in AML/CFT on-site examinations and (iii) capacity building by way of two AML/ CFT supervisory schools for bank examiners; and •  • Ongoing collaboration with the AML/CFT authorities in the respective ECCU territories for the completion of Mutual Evaluation Reports. Increased Consumer Education The ECCB published the collated commerical banks’ fees as at 31December 2017on itswebsite in early 2018 to enable customers to make side by side comparisons of fees and charges for the respective banks.

Operationalisation of the ECCB’s Mandate for AML/ CFT Supervision of LFIs: The ECCB advanced development of the framework for implementing Anti Money Laundering/Counter Financing of Terrorism (AML/CFT)standards and conduct AML/CFT examinations. Key accomplishments included: •  • Participation in consultative sessions with the relevant AML/CFT authorities in Saint Lucia and Antigua and Barbuda in September 2017 regarding the proposed amendments to the AML/CFT framework to transfer the relevant supervisory authority to the ECCB; •  • The naming of the ECCB as the supervisory authority for AML/CFT in Grenada; •  • Drafting of a Memorandum of Understanding (MoU) with participating regulators in the ECCU to facilitate consultation, cooperation and exchange of information in connection with AML/CFT matters; •  • Grenada and St Vincent and the Grenadines’ execution of the MoU with the ECCB;

Basel II/III Implementation In February 2018, the ECCB established a Basel II/