Financial Crime World

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Financial Institution Compliance Requirements in Trinidad and Tobago

The Central Bank of Trinidad and Tobago plays a crucial role in ensuring that financial institutions regulated under various Acts comply with Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) legislative and regulatory requirements.

Supervisory Authority

As designated by the Financial Institutions Act 2008, the Central Bank is responsible for supervising financial institutions and ensuring compliance with AML/CFT requirements. This includes issuing guidelines, circular letters, and other guidance materials to the industry on anti-money laundering and combating terrorism financing processes, systems, and practices.

National Initiatives

The Central Bank participates in national initiatives to combat money laundering through its involvement in the National Committee on AML/CFT and by providing technical presentations at conferences and workshops. It also issues public statements and guidelines on various AML/CFT topics, including:

  • Simplified due diligence for basic banking accounts
  • Supervisory ladder of intervention policy
  • Administrative monetary fine framework
  • Revised personal questionnaires and declaration forms
  • Guidelines on anti-money laundering and combating terrorism financing

Legislative Framework

The Financial Institutions Act 2008 and the Proceeds of Crime Act Chap 11:27 outline the legislative framework for AML/CFT in Trinidad and Tobago. The Central Bank’s AML/CFT guidelines provide further guidance on compliance requirements.

Reporting Requirements

Financial institutions are required to submit various reports and forms, including:

  • AML/CFT/CPF self-assessment questionnaire
  • Alternate compliance officer notification template

The Financial Intelligence Unit of Trinidad and Tobago (FIU) is also a key player in the country’s AML/CFT regime, working closely with financial institutions and other stakeholders to prevent money laundering and terrorist financing.

Thematic Reports

The Central Bank has published several thematic reports on anti-money laundering and combating terrorism financing, including the TFS thematic report. The country has undergone two mutual evaluations by the Financial Action Task Force (FATF), with the latest report being published in [year].

Additional Resources

For more information on AML/CFT compliance requirements in Trinidad and Tobago, financial institutions are advised to visit the websites of:

  • Central Bank
  • FIU
  • Trinidad and Tobago Securities and Exchange Commission (TTSEC)
  • CFATF
  • FATF