Financial Crime World

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Antigua and Barbuda Financial Institutions Must Comply with Stringent Regulations to Combat Money Laundering

Strict Compliance Requirements for Financial Institutions

ST JOHN’S, ANTIGUA - The Office of National Drug and Money Laundering Control Policy (ONDCP) in Antigua and Barbuda has outlined the compliance requirements for financial institutions operating in the country.

Reporting Suspicious Transactions

Financial institutions in Antigua and Barbuda are required to report any suspicious transactions to the ONDCP, which is responsible for monitoring and controlling money laundering activities. This includes:

  • Identifying and reporting unusual or suspicious patterns of activity
  • Providing detailed information about the transaction, including customer identification data

Implementing Effective Anti-Money Laundering (AML) Policies

The Office also mandates that financial institutions implement effective AML policies and procedures to prevent illicit transactions. This includes:

  • Registering with the ONDCP and obtaining a Unique Entity Number (UEN)
  • Appointing a Compliance Officer responsible for ensuring compliance with AML regulations
  • Conducting regular risk assessments to identify potential vulnerabilities in their systems

Maintaining Accurate Records

Financial institutions in Antigua and Barbuda are expected to maintain accurate records of all transactions, including:

  • Customer identification data
  • Proof of source of funds

Consequences of Non-Compliance

Failure to comply with these requirements may result in severe penalties, including fines and even closure of the financial institution. The ONDCP takes a strict stance on non-compliance, with officials emphasizing that financial institutions have a critical role to play in preventing money laundering activities.

Call to Action

The Office of National Drug and Money Laundering Control Policy is urging all financial institutions operating in Antigua and Barbuda to familiarize themselves with these regulations and take immediate action to ensure compliance.