Financial Crime World

Guidelines on Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)

Issued by the Central Bank of Trinidad and Tobago

Overview

This Guideline outlines the requirements for financial institutions in Trinidad and Tobago to prevent, detect, and report money laundering and terrorist financing activities.

Scope

The scope of this Guideline includes all financial institutions operating in Trinidad and Tobago. The Guideline defines the responsibilities of these institutions in preventing and combating money laundering and terrorist financing.

Key Requirements

  • Compliance Program: Financial institutions must establish and maintain a compliance program that includes:
    • Appointing a Compliance Officer
    • Reporting suspicious transactions to the Finance Intelligence Unit of Trinidad and Tobago (FIU)
  • Risk Assessment: Institutions must assess the AML/CTF regime in any jurisdiction where they operate branches or subsidiaries.
  • Adherence to Higher Standards: They must adhere to higher standards if local laws and regulations exceed those required by Trinidad and Tobago’s laws.
  • Non-Deposit-Taking Subsidiaries: Non-deposit-taking subsidiaries must have access to information about their operations and activities to ensure compliance with AML/CTF laws.

Relevant Legislation

Financial institutions in Trinidad and Tobago are subject to various legislation, including:

  • Prevention of Money Laundering Act (POCA): Requires financial institutions to report suspicious transactions, maintain records, and comply with customer identification procedures.
  • Financial Intelligence Unit of Trinidad and Tobago Act (FIUTTA): Establishes the Finance Intelligence Unit as a central authority for receiving, analyzing, and disseminating financial intelligence related to money laundering and terrorist financing.
  • Anti-Terrorism Act (ATA): Prohibits and punishes acts of terrorism and provides for the prevention and investigation of such acts.

Purpose

The purpose of this Guideline is to ensure that financial institutions in Trinidad and Tobago have adequate measures in place to prevent, detect, and report money laundering and terrorist financing activities.