Call us : +1 (473) 435 2373 / 2374  
 
enfrdeitptrues
Grenada FIU

Grenada FIU

06 Nov 2019
Theft of identity is happening at an alarming rate. Over 100,000 identity theft complaints are filed each year.
 
Identity thieves work in various ways. One of the most common is to open up a new credit card in your name, using your personal information. They rack up charges, don’t pay the bill. They can also change the mailing address so that your credit card will be sent to a false address, giving them more time to make purchases, until you realize there is a problem. They may also establish cellular phone services and bank accounts in your name, making costly phone calls and writing bad checks.
 
Identity theft today is much more than losing your wallet full of cash. You could lose your entire savings account. Some victims are stuck paying false loans and huge credit card debt. Most people spend endless hours trying to clear up security and financial problems that arise. This can be costly, time consuming and causes enormous stress to the victim and their family.
 
Don’t wait to take actions to prevent identity theft. You can be proactive in reducing your chances of becoming a victim using some simple strategies. Don’t put this off – you can do it a little at a time and it’s easier than you think – and the irony, is that other areas of managing your life will be more organized as well! Here are some tips you can do right away.
 
• Never give out your ID number (NIS, Drivers Licence, etc.) to anyone – unless the agency requesting it can guarantee confidentiality.
 
• Cancel and cut up unused or “extra” credit cards.
 
• Check your credit card statements for any purchases that seem odd to you – keep track of what you buy!
 
• Watch your phone bill, cable bill, internet bill, etc., for any increase in charges.
 
• If your credit card bill is late or you suspect it is lost, call the credit card issuer immediately.
 
• Check with your creditors on their policy for stolen cards or fraudulently accessed accounts. (You could be liable!)
 
• Mail bills from the post office or official postal box instead of your home.
 
• Keep important documents, (passport, birth certificate, stocks, savings accounts), locked in a safe or file drawer.
 
• Shred old bank and credit card statements, making sure account numbers, passwords, and addresses are unreadable before discarding.
 
• THINK about what you are throwing in the trash. Assume anyone can and will go through it after it leaves your home!
 
• Keep a written record or photo copy (locked away) of the contents of your wallet or purse. Don’t carry your wallet with you when it is not necessary.
 
• Create passwords that make sense to you but are not the usual birth date, anniversary, pet or maiden name.
 
• Use only web sites that are encrypted and secure and have a privacy policy -before you type in your credit card number.
 
Unfortunately, even with extra effort, identity theft can still happen. We trust total strangers with our personal information everyday – applying for a car loan or mortgage – writing a check – patient care at a hospital – even stamped on our children’s back pack! It would be ludicrous for us not to give out this information from time to time, but knowing where we give it out and to whom is helpful. The key to quick recovery from such a disaster is to notice it quickly and take immediate action. Here’s what to do if you think you may be a victim of this crime:
 
• Call your financial institutions or creditors for any accounts that have been fraudulently accessed or opened and close these accounts.
 
• Report the identity theft to the police.
 
Staying proactive and organized will pay off in the long run, for life in general and particularly in trying to avert identify theft. Keeping accurate accounting records, personal files and paper management is key to a calmer, safer existence. If you find it difficult to do on your own, consider hiring a professional organizer who specializes in this expertise. Regardless of the stage of life you are in, get your affairs in order. You are a unique individual with your own identity. No one should be able to take that away from you!
09 Oct 2019
When it comes to customers, experience is everything. Customers don't differentiate between small organizations or larger ones, nor differentiate between channels, once they enjoy the best level of satisfaction and best quality service then, they expect same kind of experience from a small firm as they do a larger one. While larger organizations with deep pockets can afford digital transformation initiatives but not all businesses enjoy such luxury.
 
For such organizations that are constantly looking for ways to turn business dream into a reality, FinTech is a beacon of hope that opens the door to new business possibilities and elevates customer experience with high end solutions that they could only dream of before.
 
They say technology is a great leveler and there can't be a better example than FinTech because banking services what was once a domain of banking and financial institutions has seen much start-up players in this space competing with the large and established banking corporations. But this isn't to say the traditional banking institutions are falling behind in the digital race, because they certainly in the race. But banks because of their legacy systems and regulatory frameworks are slow to change and can't leverage emerging technologies as quickly as FinTech companies. Here are some of the ways technology brings revolution in the financial services industry:
 
Go where your customers are:
No one took this more seriously than FinTech companies because they knew the present day generation is online all the time, thanks to smartphones that have completely changed their expectations. Online, social and mobile technologies have created new opportunities for FinTech companies to engage with their audience and digitally handle interactions more effectively, with personalized services and relevant information delivered directly to devices. Traditional banks should pick up fast, when it comes to attracting customers because consumers are expecting a lot, and they want the same kind of experience they are getting from Amazon, Facebook etc.
 
Digital Wallets: Money exchange never got this easier
What is common among PayPal, Paytm, GooglePay and ApplePay allow you to send any amount to anyone with the click of a button without visiting bank, something not possible few years ago. Mobile payments or peer-to-peer apps have completely changed the way users handle money today. No wonder most smartphone users regularly use mobile payments apps because they are simple to use, offer convenience, flexibility and much needed security. What more, these P2P apps have brought anytime, anywhere banking services to its consumers and in a cost effective way.
 
Reaching unbanked and under banked
Don't have time to go to the bank or tired of standing in long queues outside ATMs, then you have a good reason to use mobile money apps. But there are many people, especially those in rural areas; access to banks and ATMs is a remote possibility. For such mobile money apps offers tremendous opportunities to make cashless transactions and enjoy banking services from the comfort of mobile. FinTech is bridging the gap by helping unbanked and under-banked gain access to banking services.
 
Disrupting traditional lending
For several decades the traditional lending process was characterized by filling up loan applications forms, submitting a variety of documents, and there's little chance of a swift response, and even after all this time there's no likelihood that you will get a positive response. And even if everything goes right, you're unlikely to receive the funds anytime sooner.
 
But all this is a thing of past, thanks to FinTech solutions borrowing money got easier and quicker. No more do you have to visit the bank, do a lot of paper, and wait for days to listen the good news. Borrow money in hours what used to take weeks or even months without all that stress and tension, all from the comfort of home. The digital technology is at the heart of peer-to-peer lending success and that has enabled FinTech players to keep costs to a minimum and offer products and services tailored to meet the needs of specific target groups. P2P lending is one such solution that promises to provide a lot of benefits for both for both borrowers and lenders.
 
Financial technology is a new kid in the financial industry block but it has already become changing face of the financial industry. But as with any technology FinTech is far from perfect and there are several factors like security that will determine its growth trajectory.
03 Sep 2019
Monetary policy is a set of measures taken by Central Bank of the government to stabilize the economy (strengthening the national currency, accelerating economic growth, lowering prices, and so on). It is part of the macroeconomic policy, carried out by using various methods and tools, depending on objectives.
 
In developed economies monetary policy has to serve the function of stabilization and maintaining proper equilibrium in the economic system. But in case of underdeveloped countries, the monetary policy has to be more dynamic so as to meet the requirements of an expanding economy by creating good conditions for economic growth. Monetary policy can be strategic, intermediate and tactical. Under strategic or primary goals the following tasks are very important.
- Increase of employment among the population;
- Normalization of the price level;
- Containment of inflationary processes;
- Acceleration of economic growth;
- Increase in production volumes;
- Alignment (balancing) of the balance of payments of the state.
 
By contrast intermediate goals are realized by changing the interest rates and the amount of money in circulation. In this way, it is possible to adjust the current demand for the goods and to reduce (increase) the supply of money. The bottom line is to influence the level of price policy, attract investment, increase employment and increase production. At the same time, it is possible to maintain or revive the conjuncture in the money (commodity) market;
 
Tactical goals are of short-term nature. Their task is to accelerate the achievement of more important - intermediate and strategic objectives:
- Monitoring the supply of money;
- Control of the interest rate level;
- Control of the exchange rate.
 
Types of Monetary Policy
Each country chooses its own kind of monetary policy. It can vary, depending on external conditions, the state of the economy, the development of production, employment and other factors. The following types are distinguished:
 
1. Soft monetary policy (its second name is "cheap money policy") is aimed at stimulating various sectors of the economy by regulating interest rates and increasing the amount of money. At the same time, the Central Bank performs the following operations: - Makes transactions on the purchase of government securities. All operations are conducted in the open market, and the proceeds are transferred to the banks' reserves and to the population's accounts. Such actions allow increasing the amount of money supply and improving the financial capacity of banks. As a result, the interbank loan is in great demand;
- Minimizes the rate of bank reservations, which significantly expands the lending opportunities for various sectors of the economy;
- Reduces the interest rate. As a consequence, commercial banks gain access to more profitable loans terms. At the same time, the volume of loans extended to the population on more favorable terms and the attraction of additional funds in the form of deposits.
 
2. Rigid monetary policy (its second name is "expensive money policy") is aimed at imposing various restrictions, restraining the growth of money in circulation with the main goal - restraining inflationary processes. With a strict monetary policy, the Central Bank performs the following actions:
- Increases the limit of bank reservations. In this way, a reduction in the growth of the money supply is achieved;
- Raises the interest rate. For this reason, commercial structures are forced to stop the flow of borrowing from the Central Bank and to limit the issuance of loans to the public. The result is a suppression of the growth of money supply;
- Sells government securities. At the same time, transactions are made on the open market due to current accounts of the population and reserves of commercial credit and financial organizations. The result is the same as in the previous case - a decrease in the volume of the money supply.
19 Aug 2019
Managing your wealth, no matter how big or small, is a cumbersome task. Your financial advisor helps to keep your money safe while making it work for you. Before you start working with someone, ask them these important questions.
 
What Certifications Do You Have?
You need to know what licenses and certification your financial advisor has. Most of the top consultants are certified public accountants, fund specialists, consultants, or analysts. Some even carry a Juris doctorate and insurance licenses. While everyone has to start somewhere, you want to work with a firm that has extensive experience in the field.
 
What Safeguards Are in Place to Protect Assets from Fraud?
Your assets need to be protected by a reputable custodian. When you ask about safeguards, you should also ask about any infractions he or she has received in the past both with the firm and as an individual. To provide you with the best service, your financial advisor should be a fiduciary.
 
Consultants with a strict code of ethics have standards that they share with their clients. However, no matter their standards, they should be in compliance with Financial Industry Regulatory Authority, state and regulatory agencies, and the Security's and Exchange Commission.
 
What Are Your Fees?
When it comes to fees, your counselor should be 100 percent transparent. He or she needs to explain his or her exact fee structure, so you understand how you are paying. Some are fee-only, meaning they provide a flat rate for services rendered.
 
Some investment consultants charge a commission fee. That means they make money off each product you purchase to help your investments grow. It is important to know which one you are working with, or if you are with someone who charges a fee in addition to earning commissions.
 
What Access Do You Have to Earning Reports?
As your financial advisor, he or she should have direct access to the top holdings of where your investments are. He or she needs to be able to tell you immediately what the earnings report is anytime you call.
 
At the very least, he or she should be able to educate you on your holdings before any investment of assets. By educating you on available options and what assets are invested, you can better understand what the consultant suggests.
 
How Often Do You Communicate
When it comes to letting you know how your money is doing, the counselor should be open to communication. He or she should send out weekly announcements about the market. Also, you must be informed of trade notifications immediately and receive an explanation on every buy and sell option. Most firms also send out information about their monthly investment outlook as well as a quarterly outlook. Brokers also offer to keep their customers informed with educational information and fact sheets.
 
Ask the tough questions of a financial advisor before asking him or her to manage your funds. It helps you to weed out the inexperienced and shady consultants before losing any money.
11 Jul 2019
Let's say that a new technology is developed that could allow many parties to transact a real estate deal. The parties get together and complete the details about timing, special circumstances and financing. How will these parties know they can trust each other? They would have to verify their agreement with third parties - banks, legal teams, government registration and so on. This brings them back to square one in terms of using the technology to save costs.
 
In the next stage, the third parties are now invited to join the real estate deal and provide their input while the transaction is being created in real time. This reduces the role of the middleman significantly. If the deal is this transparent, the middleman can even be eliminated in some cases. The lawyers are there to prevent miscommunication and lawsuits. If the terms are disclosed upfront, these risks are greatly reduced. If the financing arrangements are secured upfront, it will be known in advance that the deal will be paid for and the parties will honour their payments. This brings us to the last stage of the example. If the terms of the deal and the arrangements have been completed, how will the deal be paid for? The unit of measure would be a currency issued by a central bank, which means dealing with the banks once again. Should this happen, the banks would not allow these deals to be completed without some sort of due diligence on their end and this would imply costs and delays. Is the technology that useful in creating efficiency up to this point? It is not likely.
 
What is the solution? Create a digital currency that is not only just as transparent as the deal itself, but is in fact part of the terms of the deal. If this currency is interchangeable with currencies issued by central banks, the only requirement remaining is to convert the digital currency into a well-known currency like the Canadian dollar or the U.S. dollar which can be done at any time.
 
The technology being alluded to in the example is the blockchain technology. Trade is the backbone of the economy. A key reason why money exists is for the purpose of trade. Trade constitutes a large percentage of activity, production and taxes for various regions. Any savings in this area that can be applied across the world would be very significant. As an example, look at the idea of free trade. Prior to free trade, countries would import and export with other countries, but they had a tax system that would tax imports to restrict the effect that foreign goods had on the local country. After free trade, these taxes were eliminated and many more goods were produced. Even a small change in trade rules had a large effect on the world's commerce. The word trade can be broken down into more specific areas like shipping, real estate, import/export and infrastructure and it is more obvious how lucrative the blockchain is if it can save even a small percentage of costs in these areas.
Page 1 of 3

Financial Intelligence Unit

The enactment of the Proceeds of Crime Act 6 of 2012, the Financial Intelligence Unit Act 14 of 2012 and the Terrorism Act 16 of 2012, represent a comprehensive legislative regime highlighting the Grenada Government’s commitment to rid our financial system from the scourge of money laundering and terrorist financing and the attendant problems.

Tafawa Pierre

Head of FIU

Contact us

  gdafiu (@) spiceisle.com
  +473.435.2373
  +473.435.2374
  Financial Complex, Building No. 1, Second Floor, The Carenage, St. George's

Social Media

 

Who is Online

We have 15 guests and no members online