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Barbados Tackles Money Laundering and Terrorism Financing with AML/CTF Software Solutions

Bridgetown, Barbados - The island nation of Barbados has taken significant steps to combat money laundering and terrorism financing by implementing robust anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

Compliance Obligations

Financial institutions, businesses, and professionals in Barbados must comply with AML/CTF regulations by following several key obligations:

• Constant Transaction Review: Continuously review transactions to identify suspicious activity.
• Record Retention: Retain records of transactions for at least five years.
• Internal Policies: Create internal policies to prevent money laundering and terrorism financing.
• Reporting Guidelines: Develop reporting guidelines for employees to report suspicious activities.
• Staff Training: Provide training and awareness programs for staff on AML/CTF laws.

Reporting Obligations

Regulated entities in Barbados are required to monitor specific subjects and report any suspicions of illegal activity to the Director of the Financial Intelligence Unit. This includes:

• Suspicious Business Transactions: Report business transactions that involve the sale of stolen goods, support terrorism, or appear suspicious.
• Large Currency Exchange or Foreign Cash Movements: Notify authorities of currency exchange or foreign cash movements exceeding $10,000.

Customs Reporting

When a customs officer receives a report under this provision, they must forward it to the Director of the Financial Intelligence Unit.

By implementing AML/CTF software solutions and adhering to these regulations, Barbados is taking a proactive approach to preventing money laundering and terrorism financing.