Financial Institutions in Antigua and Barbuda Must Step Up Compliance with Anti-Money Laundering Laws
A new era of strict compliance is underway for financial institutions operating in Antigua and Barbuda. The country’s Financial Compliance Unit (FCU) has been established to oversee compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) laws, designed to protect the country’s financial system from illicit activities.
The Role of the Financial Compliance Unit
The FCU will conduct regular on-site and offsite examinations of financial institutions to assess their AML/CFT programs and provide feedback and assistance where necessary. The unit requires all regulated institutions to submit annual audit reports and quarterly terrorist property reports.
Regulated Institutions Required to Submit Reports
The following types of institutions are required to submit reports:
- Banking and Financial Business
- International (Offshore) Banking Business
- Insurance Companies
- Internet gambling Companies
- Sports betting Companies
- Casinos
- Money Service Businesses
These institutions must also comply with other AML/CFT regulations, highlighting the importance of getting AML/CFT compliance right.
AML/CFT Training Workshops
The FCU will provide AML/CFT training workshops for industry professionals to help them stay up-to-date on the latest regulations and best practices. These workshops will be conducted in collaboration with the Financial Intelligence Unit (FIU), providing a valuable resource for financial institutions seeking to improve their compliance efforts.
Consequences of Non-Compliance
Institutions that fail to comply with the regulations risk being penalized, emphasizing the need for thorough AML/CFT compliance. With the FCU’s watchful eye, financial institutions in Antigua and Barbuda must now step up their efforts to protect the country’s financial system from illicit activities.
Conclusion
The Financial Compliance Unit’s new role is designed to ensure that financial institutions in Antigua and Barbuda are doing enough to prevent money laundering and terrorism financing. With strict regulations in place and regular examinations on the horizon, institutions must now step up their compliance efforts to avoid penalties.