Financial Crime World

Trinidad and Tobago Enhances AML/CFT Regulations to Protect Financial System

Strengthening Financial Institutions’ Compliance

The Central Bank of Trinidad and Tobago has reaffirmed its commitment to ensuring that the country’s financial institutions comply with Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) regulations. This commitment is enshrined in the Financial Obligations Regulations 2010, as amended, which empowers the Central Bank to supervise licensed institutions under various Acts.

Supervision and Guidance

To ensure compliance with AML/CFT legislative and regulatory requirements, the Central Bank has issued various circular letters and guidelines providing guidance on processes, systems, and practices for financial institutions. The bank also participates in national initiatives to combat money laundering and makes technical presentations at conferences and workshops.

CFATF Recommendations

The Caribbean Financial Action Task Force (CFATF) is an organization of twenty-nine jurisdictions that have agreed to implement the FATF Recommendations. The CFATF periodically issues public statements identifying and providing updates on jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorism financing regimes. Financial institutions are advised to take these public statements into account when considering whether a transaction should be reported to the Financial Intelligence Unit (FIU) as a suspicious activity or transaction.

Circular Letters and Guidelines

The Central Bank has issued various circular letters and guidelines on AML/CFT, including:

  • Simplified Due Diligence for Basic Banking Accounts (“SDD Guidance”)
  • Supervisory Ladder of Intervention Policy
  • Approval of the Compliance Officer and the Designation and/or approval of the Alternate Compliance Officer for Financial Institutions Regulated by more than one Supervisory Authority

Legislative Framework

Trinidad and Tobago’s legislative framework includes:

  • Miscellaneous Provisions (POCA, ATA and FIUA) Act, 2018
  • Financial Obligations (Amendment) Regulations 2018
  • The Proceeds of Crime (Large Transactions) Order, 2019, among others

Additional Resources

Related websites include:

  • Financial Intelligence Unit of Trinidad and Tobago (FIU)
  • Trinidad and Tobago Securities and Exchange Commission (TTSEC)
  • Caribbean Financial Action Task Force (CFATF)
  • Financial Action Task Force (FATF)