The Guyana Securities Council, the Bank of Guyana and the Guyana Revenue Authority hold very distinct mandates, but together these agencies and bodies ensure financial regulation and compliance in Guyana.
The Guyana Securities Council is not a financial commission. We only regulate the securities industry in Guyana.
Financial Institutions as defined in the Financial Institutions Act, 1995 are regulated by the Bank of Guyana, the statutory licensing authority and regulator for financial institutions in Guyana as set out in the Financial Institutions Act, 1995.
The regulation of insurance, the promotion of competition in the insurance industry, the protection of consumers fall under the mandate of Insurance Act of 2016, of the laws of Guyana, which repealed all former Acts on insurance. All insurance business including pension funds are regulated and supervised through the Bank of Guyana
When a complaint is filed an investigation is commenced by the Compliance Unit to verify the information received and to determine what, if any, further action/s should be taken. A report is produced at the end of this process with the findings and recommendations of the investigation.
The report is forwarded to the Chief Executive Officer as to the findings and recommendations. If, after a consideration of the findings and recommendations of the issue/s, it is determined that further action should be taken, the Chief Executive Officer shall present same to the Board of the Council. However, the Chief Executive Officer may take such steps and/or actions as is necessary, depending on the urgency, gravity or nature of the matter and same is reported to the Board of the Council.
Further, based upon the findings and recommendations of the Report, should the issues involve any alleged or perceived breaches of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2009 and Amendments, a Suspicious Activity/Transaction Report is prepared and filed with the Financial Intelligence Unit.
Where the findings and recommendations involve a referral to the Board of the Council for approval, the Chief Executive Officer tables the complaint before the Board of the Council, who shall approve or reject any proposal made based on the findings and recommendations; including any sanctions that should be imposed.