US AML Regulations in Barbados: A Key Player in Global Efforts to Combat Financial Crimes

Barbados has been a leader in combating money laundering, terrorism financing, and proliferation financing, with its financial regulatory body, the Financial Services Commission (FSC), playing a crucial role in this effort. As a member of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF), Barbados is committed to sharing best practices and strengthening anti-money laundering (AML) and anti-terrorist financing (CFT) regimes with its regional and global partners.

Implementing Robust Controls

To achieve this goal, financial institutions regulated by the FSC are required to implement robust controls to detect and deter the flow of illicit funds through Barbados’ financial system. These measures include:

• Identifying and knowing customers
• Conducting regular account reviews
• Monitoring and reporting any suspicious transactions

The requirements for financial institutions are outlined in the FSC’s Guidelines.

Seeking Guidance

Financial institutions seeking guidance on good practices can refer to the AML/CFT Guidelines and Reminders, while those operating in specific sectors may also benefit from the FATF Guidance, which was developed in partnership with the private sector and reflects industry expertise and best practices. The FSC encourages financial institutions to review their AML/CFT frameworks against these guidelines.

Legislation

Barbados has implemented a range of legislation to combat financial crimes, including:

• Anti-Terrorism Act Cap 158
• Money Laundering & Financing of Terrorism (Prevention & Control) Act
• Its amendment

The country’s Targeted Financial Sanctions Omnibus Guidelines were published in November 2019, while the Suspicious/Unusual Transaction Report form was amended in May 2020.

Additional Resources

For more information on these regulations and guidelines, please click on the links below:

• FSC Guidelines
• AML/CFT Guidelines and Reminders
• FATF Guidance
• Targeted Financial Sanctions Omnibus Guidelines
• Suspicious/Unusual Transaction Report form

Note: The links are fictional and used only for demonstration purposes.