School of Entrepreneurship & Business Innovation

Department of Accounting & Finance

d$)$ Loosened regulations on financial institutions

Reflection Question $7$

What is the purpose of anti$-$money laundering $($AML$)$ regulations imposed on financial institutions?

Statement $1$: The purpose of anti$-$money laundering $($AML$)$ regulations imposed on financial institutions is to create unnecessary bureaucracy and less paperwork burdens.

Statement $2$: The anti$-$money laundering $($AML$)$ regulations imposed on financial institutions is to detect and prevent the illegal activities of money laundering and terrorist financing, thereby safeguarding the integrity of the financial system.

Statement $3$: The anti$-$money laundering $($AML$)$ regulations imposed on financial institutions is to infringe on individual privacy rights and personal financial liberties.

Enter the correct statement in the check box below

Reflection Question $8$

What is the primary objective of the new regulations in banking and the financial services industry in Guyana?

a$)$ Promote tax evasion

b$)$ Combat financial crimes like money laundering and terrorism financing

c$)$ Reduce government oversight on financial institutions

d$)$ Encourage risky investment practices

Reflection Question $9$

How do government regulations impact the expansion of non$-$bank financial services institutions?

a$)$ They facilitate unchecked expansion

b$)$ They impose restrictions on expansion to mitigate risks

c$)$ They have no influence on expansion