Barbados Central Bank Issues Revised Anti-Money Laundering and Combating Terrorist Financing Guidelines

Introduction

The Central Bank of Barbados has issued a revised Anti-Money Laundering (AML) and Combating Terrorist Financing (CFT) guideline in conjunction with the Anti-Money Laundering Authority. This revised guideline aims to provide a framework for financial institutions to comply with AML/CFT regulations, which are designed to prevent the misuse of financial systems for illegal activities such as money laundering, terrorist financing, and other financial crimes.

Key Requirements

• Financial institutions must establish an effective AML/CFT program that minimizes risks and potential costs.
• The Board of Directors is responsible for overseeing the implementation of this program, while senior management is responsible for its development and effectiveness.
• Group-wide policies and procedures are required for financial holding companies and banking groups.
• Adequate safeguards on information exchange must be put in place to prevent tipping-off.

Consequences of Non-Compliance

• Enforcement actions
• Penalties for directors and financial institutions
• Encouragement to stay current with emerging developments related to AML/CFT and upgrade programs where necessary

Effective Date and Scope

The revised guideline is effective immediately and applies to all financial institutions licensed by the Central Bank of Barbados.

Compliance and Enforcement

The Anti-Money Laundering Authority will work closely with the Central Bank to ensure compliance and enforcement.

Contact Information

For more information, please contact the Central Bank of Barbados or the Anti-Money Laundering Authority.