Grenada

Issued by the ECCB on 24 March 2025 under s.63A(2)(b) of the Proceeds of Crime Act and s.184(n) of the Banking Act. It lets banks apply simplified customer due diligence only to relationships assessed as low risk and states that this is not an exemption from CDD. The standard sets no numeric thresholds, requires sanctions screening at least quarterly and refers to the 2012 Guidelines for record retention and suspicious activity reporting.

ECCB standard issued in August 2023 under s.184 of the Banking Act and effective from 1 March 2024. It requires board oversight of climate and environmental risks, annual stress-testing and scenario analysis, and disclosure on governance, strategy, risk management and metrics (para. 5). Reports on material impacts are due within 14 days, stress-test reports within 30 days and annual assessments within 60 days (para. 5.6). The enabling legislation named in its footnote includes Grenada.

Requires a licence from the Eastern Caribbean Central Bank to carry on banking business in the Currency Union (s.3) and repeals the earlier Banking Act, Cap. 26A. It sets capital, exposure and external-audit rules, gives the ECCB supervisory and remedial powers, and provides for official administration and receivership of troubled banks. The ECCB's Banking Act page gives 10 November 2015 as the commencement date for Grenada.

Provides for the prevention and punishment of electronic crimes. Offences include unauthorised access and interference (s.5), identity theft (s.7), electronic forgery (s.8), electronic fraud (s.9) and interference with a sensitive electronic system, such as banking systems (s.13, on indictment). The Council of Europe's Octopus page says it was approved in 2013, came into effect in 2016 and was amended by Act No. 10 of 2014. The Act contains no general incident-reporting duty.

Continues the Financial Intelligence Unit as a department of government (s.5), sets out its functions (s.6) and protects good-faith reporters (s.13). The Unit must keep information received for at least eight years (s.29). It repeals the Financial Intelligence Unit Act, 2003 (s.35). S.R.&O. No. 27 of 2013, made on 19 November 2013, deems the Act in force from 13 April 2012. Amendment Acts No. 27 of 2013 and No. 34 of 2017 appear in the Parliament's annual lists.

Prohibits insurance business without registration (s.9) and defines GARFIN as the Supervisor of Insurance (ss.2 and 5). It sets minimum capital for local, foreign and mutual insurers (s.12), requires annual returns within four months of each financial year-end (s.38(1)), and covers pension fund plans in Part VIII (ss.185-196).