Financial Crime World

Title: Trinidad and Tobago Central Bank’s Role in Enforcing Financial Compliance with AML/CFT Regulations

Overview

The Central Bank of Trinidad and Tobago (Central Bank) is the primary Supervisory Authority responsible for ensuring financial institutions comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations in the country.

Financial Institutions and Regulations

  • Institutions under the Financial Institutions Act 2008, insurance registrants, home mortgage banks, bureaux de change, money remittance businesses, and other entities come under Central Bank’s purview.
  • The Central Bank issues Guidelines and Circular letters to provide industry guidance and ensure adherence to legislative requirements.

Role in National Initiatives

  • Central Bank participates in the National Committee on AML/CFT.
  • Delivers technical presentations on the AML/CFT legislative framework.

Global Evaluations and Implications

  • FATF and CFATF identify strategic deficiencies in nations’ AML/CFT regimes.
  • Financial institutions should assess potential transactions and businesses linked to the affected jurisdictions.

Circular Letters and Guidelines

  • Topics covered include simplified due diligence for basic banking accounts, consultation on administrative monetary fine framework, and risk-based supervisory framework.
  • The Revised Personal Questionnaire and Declaration Form includes COVID-19 pandemic special provisions.
  • AML/CFT Self-Assessment Questionnaire and electronic submission information in other circular letters.
  • Various circular letters discuss statutory submissions extensions, payment deferrals due to COVID-19, and legislative proposals.

Comprehensive Legislative Framework

  • Central Bank oversees multiple acts, regulations, orders, and guidelines, including the Miscellaneous Provisions (POCA, ATA, and FIUA) Act 2018, and Financial Institutions (Amendment) Regulations 2018.

Compliance and Resources

  • Central Bank expectations regarding compliance.
  • Additional resources through Financial Intelligence Unit of Trinidad and Tobago (FIU), Trinidad and Tobago Securities and Exchange Commission (TTSEC), and regional and international FATF organization.

Mutual Evaluation and Thematic Reports

  • Available on Central Bank’s website, and financial institutions should ensure ongoing compliance by accessing these resources.

Updates and Changes

  • Central Bank consistently updates its guidelines to inform financial institutions about necessary compliance requirements.