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Trinidad and Tobago Moves to Enhance AML Rules and Regulations

Introduction

The Central Bank of Trinidad and Tobago has outlined the country’s Anti-Money Laundering (AML) rules and regulations, emphasizing its role as a Supervisory Authority in ensuring compliance with international standards.

Overview of AML Requirements

According to the Financial Obligations Regulations 2010, the Central Bank is responsible for overseeing licensed financial institutions, insurance companies, home mortgage banks, bureaux de change, and money remittance businesses to ensure they comply with AML and Combating the Financing of Terrorism (CFT) requirements.

Guidelines and Circular Letters

The bank has issued guidelines and circular letters providing industry guidance on anti-money laundering and combating terrorism financing. The Central Bank also participates in national initiatives against money laundering through its membership in the National Committee on Anti-Money Laundering (AML) and CFT, and makes technical presentations at conferences and workshops.

CFATF Public Statements

The Caribbean Financial Action Task Force (CFATF) has issued public statements identifying jurisdictions with strategic deficiencies in their AML/CFT regimes. Financial institutions are advised to consider these statements when reporting suspicious activities or transactions to the Financial Intelligence Unit of Trinidad and Tobago.

Legislative Framework

Trinidad and Tobago’s legislative framework includes the Miscellaneous Provisions Act, 2018, which amended several laws related to anti-money laundering and combating terrorism financing. The Central Bank has also issued circular letters providing guidance on various AML/CFT-related topics, including simplified due diligence for basic banking accounts and the approval of compliance officers.

Key Documents

  • Financial Obligations Regulations 2010
  • Circular Letter: Updated Guidance for the Application of Simplified Due Diligence for Basic Banking Accounts (“SDD Guidance”)
  • Circular Letter: Supervisory Ladder of Intervention Policy
  • CFATF Public Statements
  • FATF Recommendations
  • Financial Intelligence Unit of Trinidad and Tobago (FIU)
  • Trinidad and Tobago Securities and Exchange Commission (TTSEC)
  • Caribbean Financial Action Task Force (CFATF)
  • Financial Action Task Force (FATF)