Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Financial Stability In September 2024, Antigua and Barbuda became the first ECCB member country to officially go live on the ECCU credit bureau system, marking a critical milestone in the region’s credit reporting framework.

The ECCB team was also immersed in strengthening capacity on the standards through capacity-building sessions. The commercial banks within the ECCU and the ECCB team participated in SWIFT ISO 20022 training in June 2024 and continues to attend SWIFT Caribbean ISO 20022 monthly webinars. The ECCB, in its commitment to adhering to international best practices and procedures regarding anti-money laundering, combatting the financing of terrorism and proliferation financing (AML/CFT/CPF), drafted an Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation Financing Policy (AML/CFT/CPF Policy). The Policy seeks to establish a comprehensive framework towards the identification, assessment, monitoring and management of money laundering, terrorist, and proliferation financing risks (ML/TF/PF) associated with all activities of the Central Bank. The Bank also enhanced its efforts to mitigate the risk of transacting business with sanctioned countries, individuals, and entities. This was achieved through its adoption of SWIFT Transaction Screening to identify high-risk transactions by screening incoming and outgoing

financial transactions in real time against up-to date sanctions lists.

ECCU Credit Bureau In line with the 2024/2025 strategic objective, the ECCB has actively supported the operational launch of the ECCU Credit Bureau, provided regulatory oversight, and facilitated credit reporting education and awareness initiatives. The ECCB rolled out a targeted public awareness campaign in the second quarter of 2024, to advance the integration of financial institutions into the credit bureau system. This campaign utilised the ECCB’s social media platforms and collaborated with social media influencers across all ECCU member countries to share essential credit reporting tips and information. In 2024, two country missions were undertaken in Saint Christopher and Nevis, and subsequently, Antigua and Barbuda, which were the initial focus territories. During those missions, the ECCB and EveryData ECCU Ltd hosted two town hall sessions in each jurisdiction. In addition, consultations were held with licensed financial institutions to address sector-specific concerns and facilitate a smooth onboarding process. The campaign also engaged wider audiences through radio and television interviews,

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