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Money Laundering Prevention in Trinidad and Tobago: A Supervisory Overview

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As part of its regulatory function, the Central Bank of Trinidad and Tobago (Central Bank) ensures that financial institutions comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) legislative and regulatory requirements.

Role of the Central Bank

The Central Bank is named as a Supervisory Authority by the Financial Obligations Regulations 2010, and it contributes to national initiatives in the fight against money laundering through its participation on the National Committee on AML/CFT. The bank also issues guidelines and circular letters that provide guidance to the industry on processes, systems, and practices to ensure compliance with anti-money laundering and CFT requirements.

Public Statements from International Bodies

The Financial Action Task Force (FATF) is the global standard-setting body for AML/CFT, and its recommendations are recognized as the international standard for combating money laundering and the financing of terrorism. The Caribbean Financial Action Task Force (CFATF) is an organization of twenty-nine jurisdictions in the Caribbean region that have agreed to implement the FATF Recommendations.

Public statements from these bodies provide updates on jurisdictions with strategic deficiencies in their AML/CFT regimes.
Financial institutions should take these public statements into account when considering whether a transaction should be reported to the FIU as a suspicious activity or transaction.

Circular Letters and Guidance

The Central Bank has issued several circular letters and guidelines that provide guidance to the industry on anti-money laundering and CFT requirements. These include:

Updated guidance for the application of simplified due diligence for basic banking accounts
Supervisory ladder of intervention policy
Consultation on policy for the introduction of administrative monetary fine framework
Others

Legislative Framework

The legislative framework in Trinidad and Tobago includes several acts and regulations that aim to prevent money laundering and financing of terrorism. These include:

Miscellaneous Provisions (POCA, ATA and FIUA) Act, 2018
Financial Obligations (Amendment) Regulations 2018
Others

AML/CFT Guidelines

The Central Bank has also issued AML/CFT guidelines that provide guidance to financial institutions on anti-money laundering and CFT requirements. These include:

Addendum to The Central Bank’s AML/CFT Guideline - SDD Requirements for Basic Banking Account
Joint Regulatory Guidance on Complying with AML/CFT Verification Requirements in light of COVID-19 Measures
Others

Regulatory Reporting and Forms

Financial institutions are required to submit various reports and forms to the Central Bank as part of their regulatory obligations. These include:

AML/CFT/CPF Self-Assessment Questionnaire
Alternate Compliance Officer Notification template
Others

The Central Bank has provided links to several related websites, including:

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)

Mutual Evaluation Report

Trinidad and Tobago underwent its 4th Round Mutual Evaluation in [year], and the report is available on the Central Bank’s website. The country also submitted its 3rd Follow-Up Report - June 2019.

Thematic Reports

The Central Bank has published several thematic reports, including:

TFS Thematic Report, which provides insights into the implementation of AML/CFT requirements in Trinidad and Tobago.