Regulatory Bodies for Financial Crime Control in Antigua and Barbuda Take Center Stage

Strengthening Ties Between Regulatory Bodies and Financial Institutions

The government of Antigua and Barbuda has taken a significant step towards shielding its financial system from transactions linked to crime by strengthening ties between regulatory bodies and financial institutions. This partnership aims to implement and maintain robust Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) policies that deter and detect illicit activities.

The Financial Compliance Unit: A Key Player in AML/CFT Enforcement

At the forefront of this effort is the newly established Financial Compliance Unit (FCU), responsible for ensuring all financial institutions adhere to AML/CFT laws and regulations. The FCU conducts:

• On-site and off-site examinations to evaluate the effectiveness of AML/CFT programs
• Provides remedial feedback and assistance as needed
• Monitors timely submission of mandatory reports for evaluation by the Financial Intelligence Unit (FIU)

Key Responsibilities of the FCU

The FCU plays a pivotal role in supporting AML/CFT workshops and training for financial institutions. Additionally, it:

• Conducts annual assessments of AML/CFT policies and procedures
• Submits quarterly Terrorist Property reports
• Provides an additional annual Audit Review Report for institutions catalogued in Schedule 2 of the regulations

Implementation of Regulations

In line with Regulation 15 of the Money Laundering (Prevention) Regulations, all listed financial institutions are required to conduct:

• Annual assessments of their AML/CFT policies and procedures
• Quarterly Terrorist Property reports
• An additional annual Audit Review Report for institutions catalogued in Schedule 2