Dear Clients,

Our local bankers, RBTT Grenada Ltd, has recently advised us about new procedures that have been implemented with regard to funds being transferred to our account from overseas.  Please see below the instructions we received from RBTT.

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Regarding the subject item hereunder is a guide which constitutes verifiable source of funds:

• • Maturing investments or policy claim – letter/contract note from previous investment company re notification of proceeds of maturing investment/claim
  • Sale of shares, unit trusts, mutual funds etc – legal sale documents e.g. contract notes
  • Property sale – signed letter from solicitor or sale contract
  • Loan – loan agreement or recent loan statement
  • Other income – appropriate supporting documentation or signed letter detailing funds from a financial institution

As [Grenada Marine] indicates on the [source of funds forms that are completed by Grenada Marine at the request of RBTT], the funds are for repairs done on various boats, however the true source is how the remitters obtained the funds that they sent.  We have since requested source of funds from the remitters’ banks, however if you are in contact with them you can advise them to have their banks reply to our requests.

Most financial institutions have policies as it relates to Anti-Money Laundering and source of funds, with some countries having stricter policies than others.  Based on the above, your clients can state the source through their bank or forward the relevant information to us.

Regards,

Steven Neckles
Foreign Business Officer
RBTT Bank Grenada Ltd, P.O. Box 4, St. George’s
1-473-440-3521 Ext. 358 / Fax: 1-473-440-1654 / E-mail: steven.neckles@gd.rbtt.com

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Clients who are transferring funds must be aware that until the source of funds information is satisfactorily completed, the funds are not released to Grenada Marine, and the settlement of your account with Grenada Marine will be delayed. Therefore we are asking clients to provide the required information at the time that the wire transfer is being processed by your bank.

PLEASE NOTE THAT THIS AFFECTS WIRE TRANSFERS AND LARGE CASH PAYMENTS ONLY.  Credit card payments, such as monthly storage fees, are not affected.

We wish to reiterate that this is a requirement of our bankers and as such Grenada Marine is not in a position to circumvent this procedure.

Please be advised accordingly.

Raquel Edwards
GM OFFICE