Compliance Regulations for Financial Institutions in Trinidad and Tobago: A Critical Necessity
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In today’s increasingly regulated environment, financial institutions in Trinidad and Tobago are faced with a daunting task of ensuring compliance with various regulatory requirements. The country’s financial sector is subject to strict regulations aimed at preventing money laundering, combating the financing of terrorism, and countering proliferation financing.
Why Compliance is Critical
- Preventing money laundering
- Combating the financing of terrorism
- Countering proliferation financing
KPMG’s Regulatory and Compliance Services Team
Our team has extensive experience in providing guidance and support to financial institutions in Trinidad and Tobago to ensure they meet these stringent requirements. Our experts specialize in Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) regulations, as well as Foreign Account Tax Compliance Act (FATCA) requirements.
Services Offered
AML/CFT/CPF Services
- Regulatory compliance assessments
- Readiness and health check reviews
- Program design, build, and execution
- Identifying, managing, and mitigating risk exposures in line with legislative requirements and industry best practices
FATCA Services
- Assessments of policies, procedures, and systems for compliance with relevant guidelines on the implementation of Trinidad and Tobago’s Tax Information Exchange Agreements (United States of America) Act, 2017
Our Expertise
- Our team is comprised of experienced professionals with over 25 years’ combined experience in performing these services
- Business Advisors, Partners, and members of associated professional bodies with qualifications in AML/CFT/CPF
Consequences of Non-Compliance
- Regulatory intervention
- Substantial monetary penalties
- Reputational damage
Conclusion
In today’s complex regulatory landscape, it is essential for financial institutions in Trinidad and Tobago to ensure they have effective compliance programs in place to avoid non-compliance penalties, reputational damage, and potential legal consequences. KPMG’s Regulatory and Compliance Services team is well-equipped to provide expert guidance and support to help financial institutions navigate these challenging requirements.