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Revised AML/CTF Guideline Issued by Central Bank of Barbados and Anti-Money Laundering Authority

Bridgetown, Barbados - The Central Bank of Barbados and the Anti-Money Laundering Authority (AMLA) have released a revised guideline for anti-money laundering/combating terrorist financing (AML/CFT), aligning with international standards and best practices.

Effective November 2021

The revised guideline aims to strengthen the country’s AML/CFT framework, ensuring that financial institutions and other licensees comply with their statutory obligations. The guideline outlines the roles and responsibilities of boards, senior management, and staff in implementing effective AML/CFT programs.

Key Responsibilities

  • Directors and senior management are responsible for ensuring an effective AML/CFT program is in place.
  • They must establish policies and procedures for sharing information required for customer due diligence (CDD) and money laundering/terrorist financing risk management.

Group-Wide AML/CFT Programs

The guideline emphasizes the importance of group-wide AML/CFT programs, particularly for parent companies or financial holding companies with branches and subsidiaries. Licensees are expected to implement group-wide programs that encompass all subsidiaries and branches, ensuring compliance with Barbadian laws and regulations.

Supervision and Enforcement

  • The Central Bank of Barbados and AMLA will work together to monitor and supervise licensees’ compliance with the guideline.
  • The Bank may take enforcement action against non-compliant institutions, including imposing penalties or fines.

Quote

“We recognize the importance of effective AML/CFT programs in preventing money laundering and terrorist financing,” said [Name], Governor of the Central Bank of Barbados. “This revised guideline is designed to ensure that financial institutions and other licensees have the necessary tools and procedures in place to detect and prevent these illicit activities.”

Access the Guideline

The revised AML/CFT guideline can be accessed on the Central Bank of Barbados’ website.

Key Takeaways

  • Directors and senior management are responsible for ensuring an effective AML/CFT program is in place.
  • Group-wide AML/CFT programs are required for parent companies or financial holding companies with branches and subsidiaries.
  • Licensees must implement policies and procedures for sharing information required for CDD and ML/FT risk management.
  • The Central Bank of Barbados and AMLA will monitor and supervise licensees’ compliance with the guideline.

Contact Information

For more information, please contact:

[Name], Public Relations Officer, Central Bank of Barbados Email: [Email address] Phone: [Phone number]