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Trinidad and Tobago Introduces Stronger Anti-Money Laundering Regulations

The Financial Intelligence Unit of Trinidad and Tobago (FIU) has announced a significant overhaul of its anti-money laundering (AML) regulations, aimed at strengthening the country’s efforts to combat financial crimes.

Enhanced Customer Due Diligence Required

The new measures, which come into effect immediately, will require financial institutions to enhance their customer due diligence processes. This includes conducting enhanced customer due diligence on high-risk customers, including those from countries known for their lax AML regimes.

Reporting Suspicious Transactions

Financial institutions will also be required to report suspicious transactions in a more detailed manner. The new rules mandate that banks and other financial institutions report suspicious transactions within a shorter timeframe.

Stricter Requirements for Cash Transactions and Complex Financial Structures

The FIU has introduced stricter requirements for the reporting of cash transactions above a certain threshold. Additionally, there will be increased scrutiny of complex financial structures such as shell companies and trusts.

Protecting the Integrity of the Country’s Financial System

The agency has emphasized that the new regulations are designed to prevent money laundering and terrorist financing, while also protecting the integrity of the country’s financial system.

Industry Stakeholders Welcome the Move

Industry stakeholders have welcomed the move, citing the need for stronger AML regulations in Trinidad and Tobago. “These changes will help to ensure that our financial institutions are better equipped to detect and report suspicious activity,” said a spokesperson for the Trinidad and Tobago Bankers’ Association. “We support any efforts to strengthen the country’s anti-money laundering regime.”

Contact Information

The FIU has established a dedicated hotline for reporting suspicious transactions, which can be reached at 1(868) 612-4348. The agency has also set up an email address for feedback and complaints: fiufeedback@gov.tt.