ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

V irtual L earning C ampus As part of its ongoing initiatives towards training and raising ML/TF/PF risk awareness amongst stakeholders, the ECCB launched its AML/CFT/ CPF virtual learning campus on 12 September 2023. The ECCB assigns mandatory webinars for completion by its ECCB Association of Certified Anti-Money Laundering Specialists (ACAMS) Enterprise Members on a quaterly basis. The objective is to ensure that topical areas based on identified deficiencies and new and merging ML/TF/PF risks are covered by enterprise members. LFIs were therefore required to complete webinars for the period September 2023 to March 2024, on a range of topics that dealt with risk assessment components, beneficial ownership, strategies for dealing with high risk customers and sectors, anti-financial crimes and typologies, risk methodologies and prioritisation, and solutions for resolving alert backlogs. I ndustry AML/CFT T raining The Bank, in keeping with its AML/CFT/CPF supervisory remit, conducted the following virtual AML/CFT/CPF training sessions: 1. Risk Assessments and AML/CFT Governance Structures (Saint Vincent and the Grenadines); 2. National Risk Assessement and Sectoral Assessment for the Domestic Banking Sector (Saint Vincent and the Grenadines); 3. The Ease of Account Opening – the training outlined measures to be implemented to facilitate the ease of opening bank accounts and measures to facilitate the application of simplified customer due diligence measures; and 4. Virtual Assets Service Providers (VASPs)

Policy and Procedures. These were intended to effectively guide those processes which impact both internal and external stakeholders. Revised telecommuting and hybrid policies were also approved during the review period. B usiness C ontinuity M anagement The Bank commenced the implementation of the IT Recovery Strategy as part of its Business Continuity Management System (BCMS) policy implementation. The final stage was deferred to the last quarter of the upcoming financial year, due to the required testing of a remote access solution on the Bank’s new Enterprise Resource Planning System. Once completed, the Bank will undertake the testing and exercising of the Scenario Plans for departments and subsequently finalise the attendant business continuity plans. The BCMS policy was reviewed and updated to incorporate the requirements from the latest standard for BCMS ISO 22301:2019. Q uarterly N ewsletter The AML/CFT/CPF Newsletter is an informative platform for engagement on the Bank’s AML/ CFT/CPF work programme, developing ML, TF and PF risks, as well as providing updates on legislative changes and industry guidance. Among the topics featured in new publications during the 2023-2024 financial year were: medicinal cannabis; virtual assets; deepfake – implications for compliance; cybersecurity awareness; artificial technology; romance fraud; and work programme and legislative updates. AML/CFT/CPF TRAINING AND SENSITISATION

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