Financial Crime World

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Compliance Requirements for Financial Institutions in Antigua and Barbuda Take Center Stage

The financial system of Antigua and Barbuda requires robust protection against transactions linked to crime, necessitating a collaborative effort between regulatory authorities and financial institutions. To achieve this goal, the country’s newly established Financial Compliance Unit (FCU) is charged with ensuring that all financial institutions adhere to anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

Regular Examinations and Monitoring

The FCU conducts regular on-site and offsite examinations to assess the effectiveness of financial institutions’ AML/CFT programs. These evaluations provide remedial feedback and assistance to ensure compliance. Furthermore, the unit is responsible for monitoring institutions to guarantee timely submission of mandatory AML/CFT reports for evaluation by the Financial Intelligence Unit (FIU).

Annual AML/CFT Reviews Required

Regulation 15 of the Money Laundering (Prevention) Regulations mandates that all financial institutions listed in the first schedule of the Money Laundering (Prevention) Act conduct an annual assessment of their AML/CFT policies and procedures. Additionally, these institutions must submit Terrorist Property reports on a quarterly basis.

Institutions Required to Submit Annual Audit Review Reports

Institutions catalogued in Schedule 2 of the Money Laundering (Prevention) Regulations are required to submit an additional annual Audit Review Report. These institutions include:

  • Banking and Financial Business
  • International (Offshore) Banking Business
  • Insurance Companies
  • Internet gambling Companies
  • Sports betting Companies
  • Casinos
  • Money Service Businesses

Annual audit reports serve as a benchmark for the effectiveness of an institution’s implementation of AML/CFT requirements.

FCU Responsibilities Expand to Include Training and Capacity Building

The FCU’s role extends beyond monitoring compliance, encompassing:

  • Conducting on-site and offsite examinations to evaluate institutions’ money laundering prevention programs
  • Providing remedial feedback and assistance
  • Careful monitoring to ensure timely submission of required reports
  • Offering assistance in AML/CFT training workshops to enhance the capacity of financial institutions