Bank of Guyana support Creditinfo Guyana newly launched SeeRisk International Business Report


Mr. Lawrence Williams, Governor of the Bank of Guyana

On Thursday, March 28, 2014, Creditinfo Guyana formally introduced to Guyana, and the business sector in particular, two new value added products to its existing line of credit reports, where advantage of global opportunities can be taken with greater confidence.

Speaking at the launch, Governor of the Bank of Guyana, Mr. Lawrence Williams (pictured) reiterated the Bank’s support for Creditinfo Guyana and encouraged business entities to utilize the SeeRisk Report which would “provide adequately for informed decision-making, enhance compliance with the AML/CFT* Act, and consequently lend to improved performance and increased assets of the various users”.

He opined that “the undertaking to launch the value added product – SeeRisk Report – to its mainstream business is highly commendable, and moreover shows that Creditinfo is  committed to assisting in strengthening the financial sector, making Guyana attractive to foreign investments and providing meaningful information and data for individuals and companies to safely conduct business transactions with their counterparts in other countries.

The SeeRisk International Business Report offers a powerful decision making mechanism for the facilitation of international business transactions through the provision of financial and credit related information.

It is a comprehensive report that allows for vital and necessary insights to be gained before an entity commences trade with a foreign company or individual.  It helps to effectively countermand the deceptive effects provided merely by an attractive website and offers safeguards against the ease with which a company that exists only in cyberspace can steal away the investment capital of hardworking businessmen.

Access to accurate global business information on demand allows for more informed decisions on offering credit or engaging in any business transaction whether locally or internationally originated.

A separate report can also be obtained for individuals for the following purposes:

     –  Assessing the creditworthiness of persons associated with a company e.g. owners, directors 

     –  Assessing the personal creditworthiness of a potential business partner

     –  Assessing the feasibility of doing business with an overseas based individual in a situation where mutual trust is imperative

     –   Verifying biographic and other details of foreign individuals

The SeeRisk Report effectively compliments the requirements for financial institutions in relation to cross border relationships, at the same time it fa

cilitates and reduces the cost of compliance with the *The Anti-Money Laundering and Countering the Financing of Terrorism Act 2009 (AML/CFT) set out at section 15 (7) (a).    Among the requirements are:

(i)   Adequately identifying and verifying the person or entity with whom it conducts business

(ii)  Gathering sufficient information  about the nature of the business of the person or entity

(iii) Assessing the person’s or entity’s anti-money laundering and terrorist financing controls

(iv)  Determining from publicly available information the reputation of the person or entity and the quality of supervision to which the person or entity is subject to.

The SeeID Report on the other hand was designed for the local market for the purpose of ID verification and with the aim of fraud prevention, extension of trade credit and facilitate reduction in the use of cash for business transactions.  It also includes a useful component that utilizes Google Maps to define actual location and comprises data obtained from the Official List of Electors from the Guyana Elections Commission.

Creditinfo is a leading worldwide service provider of credit information and credit risk management solutions, including tools for decision making, models and software. Creditinfo Group, established in 1997, has been among the fastest growing companies in its field.    Creditinfo Guyana was granted the license to operate Guyana’s first credit bureau with effect from July 15, 2013.

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