Here is the article in markdown format:

Financial Crime Reporting Requirements Tightened in Antigua and Barbuda

Antigua and Barbuda has strengthened its financial crime reporting requirements to protect the country’s financial system from transactions involving the proceeds of crime. The Financial Compliance Unit (FCU), a newly established body, is responsible for ensuring that all financial institutions comply with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

FCU Responsibilities

To achieve this goal, the FCU:

Conducts onsite and offsite examinations to evaluate the effectiveness of financial institutions’ AML/CFT programs
Provides remedial feedback and assistance to help institutions strengthen their policies and procedures
Monitors institutions to ensure they submit mandatory AML/CFT reports in a timely manner
Offers training workshops to help them comply with regulations

Regulatory Requirements

Regulation 15 of the Money Laundering (Prevention) Regulations requires all financial institutions listed in Schedule 1 of the Act to:

Conduct an annual assessment of their AML/CFT policies and procedures
Submit Terrorist Property reports on a quarterly basis

Institutions catalogued in Schedule 2, which include:

Banking and financial businesses
International offshore banking business
Insurance companies
Internet gambling companies
Sports betting companies
Casinos
Money service businesses

are required to submit an additional annual Audit Review Report.

FCU Support

The FCU’s responsibilities also extend to providing assistance with AML/CFT training workshops to help institutions strengthen their compliance. The unit will:

Conduct on-site and offsite examinations to evaluate the effectiveness of financial institutions’ AML/CFT programs
Offer remedial feedback and assistance

By tightening its financial crime reporting requirements, Antigua and Barbuda is taking a proactive approach to protecting its financial system from illegal activities.