Compliance

The  Compliance  Department  ensures  that  regulated  institutions  (banks,  credit  unions,  moneylenders including pawnbrokers, payment service providers including remittance service providers and e -wallets, and payment  system  operators)  maintain  an effective  programme for  anti-money laundering, combatting the financing of terrorism, and counter proliferation financing (AML/CFT/CPF)  in accordance with the Money Laundering and Terrorism (Prevention) Act and accompanying guidelines and guidance notes. The Compliance  Department  also  ensures  the  Central  Bank  of  Belize’s  Board-approved  internal AML/CFT/CPF Compliance Program is aligned to international standards.


The Compliance Department performs these core functions:

• Examines, supervises,  regulates,  and oversees  regulated institutions  as the AML/CFT/CPF Supervisory Authority 
  
• Issues  instructions, guidelines,  and  recommendations  to  assist  regulated institutions  to implement an effective AML/CFT/CPF compliance programme
  
• Identifies  ML/TF/PF  risks within  the financial system  and develops  strategies to protect the system from ML/TF/PF risks
  
• Performs the Compliance Officer function for the Central Bank of Belize’s internal AML/CFT/CPF compliance function
  
• Facilitates  AML/CFT/CPF  training to  the  Board of Directors, management,  and staff  of the Central Bank of Belize and all regulated institutions
  
• Collaborates  and  cooperates  with  the  other  AML/CFT/CPF  supervisory  authorities  to  effectively combat ML/TF/PF as part of the national strategy