Financial Crime World

Financial Crime Prevention in Banking: Antigua and Barbuda’s Financial Institutions Join Forces with Regulatory Authority

The Supervisory Authority in Antigua and Barbuda has formed a robust partnership with financial institutions to implement and maintain comprehensive Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies and procedures. This partnership aims to safeguard the financial system from transactions linked to criminal activities.

The Financial Compliance Unit

The newly established Financial Compliance Unit (FCU) is responsible for ensuring that all financial institutions comply with relevant laws, regulations, guidelines, and directives on AML/CFT. The unit conducts:

  • Onsite and offsite examinations to assess the effectiveness of financial institutions’ AML/CFT programs
  • Provides remedial feedback and assistance where necessary
  • Monitors institutions to ensure timely submission of mandatory AML/CFT reports for evaluation
  • Offers support in conducting AML/CFT workshops and training

Requirements for Financial Institutions

In line with Regulation 15 of the Money Laundering (Prevention) Regulations, all financial institutions listed in Schedule 1 of the Money Laundering (Prevention) Act are required to conduct an annual assessment of their AML/CFT policies and procedures. Those catalogued in Schedule 2 of the regulations must submit an additional annual Audit Review Report.

The Importance of AML/CFT Compliance

The FCU’s responsibilities include:

  • Conducting on-site and offsite examinations to evaluate institutions’ money laundering prevention programs
  • Offering remedial feedback and assistance
  • Monitoring institutions to ensure timely submission of required reports
  • Providing support in AML/CFT training workshops, reinforcing the importance of effective compliance with AML/CFT regulations

By working together, Antigua and Barbuda’s financial institutions and regulatory authority are committed to protecting the financial system from transactions linked to criminal activities.