Financial Crime World

Central Bank of Trinidad and Tobago Cracks Down on Money Laundering with Regulations and Guidance

The Central Bank of Trinidad and Tobago (Central Bank) plays a vital role in enforcing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations among financial institutions under its jurisdiction.

Central Bank’s Role and Responsibilities

As a supervisory authority, the Central Bank is tasked with overseeing compliance among the following financial entities:

  • Licensed banks
  • Insurance firms
  • Money remittance businesses
  • Other financial entities specified under the Financial Institutions Act 2008, Insurance Act Chap 84:01, Home Mortgage Bank Act Chap 78:08, and bureaux de change (Foreign Exchange Dealers).

In collaboration with national initiatives, the Central Bank actively participates in the National Committee on Anti-Money Laundering and Combatting the Financing of Terrorism.

Global Bodies’ Public Statements

The Financial Action Task Force (FATF) is the global standard setting body for AML and CFT. FATF periodically issues public statements to warn about jurisdictions with weak AML/CFT frameworks.

Financial institutions can use these statements as crucial guidance when assessing potential business relationships:

  • [Link to the official FATF website]
  • [Link to the official CFATF (Caribbean Financial Action Task Force) website]

Central Bank Circulars

The Central Bank regularly releases circular letters addressing industry updates and AML/CFT matters:

  1. Circular Letter - Updated Guidance for the Application of Simplified Due Diligence for Basic Banking Accounts
  2. Circular Letter - Supervisory Ladder of Intervention Policy
  3. Circular Letter – Consultation on Policy for the Introduction of Administrative Monetary Fine Framework
  4. Circular Letter - TFS Thematic Report
  5. Circular Letter - AML/CFT Risk Based Supervisory Framework
  6. Circular Letter – Approval of the Compliance Officer and the Designation and/or approval of the Alternate Compliance Officer for Financial Institutions Regulated by more than one Supervisory Authority

Legislation and Regulations

The following essential acts and regulations outline Trinidad and Tobago’s stance on AML/CFT:

  • [List of relevant legislation and regulations]

Guidelines and Self-Assessment

The Central Bank releases guidelines on AML/CFT matters to enhance industry understanding and promote adherence to regulations:

  1. [List of relevant guidelines]
  2. [List of self-assessment questionnaires]

For more information on AML/CFT regulations in Trinidad and Tobago, visit these websites:

  1. [Financial Intelligence Unit of Trinidad and Tobago (FIU)]
  2. [Trinidad and Tobago Securities and Exchange Commission (TTSEC)]
  3. [Caribbean Financial Action Task Force (CFATF)]
  4. [Financial Action Task Force (FATF)]