Financial Crime World

Trinidad and Tobago Financial Institutions Urged to Comply with AML/CFT Regulations

In an effort to strengthen the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) framework, financial institutions in Trinidad and Tobago have been reminded of their legal obligations to implement a comprehensive compliance programme.

Key Areas of Compliance

According to the Financial Intelligence Unit (FIU), registered supervised entities must adhere to seven key areas, including:

  • Designating a Compliance Officer and alternate Compliance Officer
  • Implementing an AML/CFT training programme
  • Conducting risk-based assessments
  • Maintaining records for at least six years, which include:
    • All domestic and international transactions
    • Customer identification data
    • Account files
    • Business correspondence
    • Analysis results related to account transactions

These records can be accessed by senior management or auditors and will enable entities to comply with lawful requests from authorities.

Registers Required for Compliance

The FIU has specified a number of registers that Compliance Officers must maintain, including:

  • Training registers
  • Internal suspicious transaction reports (STR) registers
  • STR registers for submission to the FIU
  • Law enforcement agency (LEA) registers

These registers are designed to provide senior management or auditors with easy access to key information. The registers contain sensitive details such as:

  • Date and time of training
  • Names of participants and facilitators
  • Topics covered
  • Nature of suspicion
  • Value of transactions
  • Dates reviewed by the Compliance Officer
  • LEA register:
    • Logs date and nature of enquiries
    • Names of agencies and enquiring officers
    • Powers being exercised

Importance of Compliance

Experts emphasize that these regulations are crucial in preventing the misuse of financial systems for illegal activities and protecting the integrity of the banking sector. As such, financial institutions must take their AML/CFT obligations seriously and ensure they are fully compliant with the relevant laws and regulations.

By adhering to these regulations, Trinidad and Tobago can maintain its reputation as a country committed to combating money laundering and terrorist financing, while also ensuring the safety and stability of its financial system.