Financial Institution Compliance Requirements in Trinidad and Tobago: A Critical Focus Area

As financial institutions operating in Trinidad and Tobago face increased regulatory pressure, it has become imperative for them to devote substantial efforts and resources to ensure they have effective compliance programs in place. This is particularly crucial with regards to money laundering and foreign account tax compliance.

Compliance at the Forefront

The Financial Obligations Regulations (FORS) 10 (2) (a) and the TTSEC Guidelines 2018, part 2, 11 (1) of Trinidad and Tobago, as well as regulations from other regional bodies such as the Financial Service Commission Barbados and Central Bank of Barbados, require financial institutions to maintain robust anti-money laundering (AML), combating the financing of terrorism (CFT), and countering proliferation financing (CPF) systems.

Conducting AML/CFT/CPF Regulatory Compliance Assessments

KPMG’s experienced professionals have conducted numerous legislative compliance assessments for various industries in Trinidad and Tobago. These assessments are designed to identify, manage, and mitigate AML/CFT risk exposures in line with legislative requirements and industry best practices.

Readiness and Health Check Reviews: Ensuring Compliant Systems

Our team conducts readiness and health check reviews to ensure that financial institutions’ AML/CFT systems are effective and compliant with regulatory requirements. This includes designing, building, and executing AML/CTF programs to mitigate the risk of unintentionally supporting terrorist or criminal activities.

Foreign Account Tax Compliance Act (FATCA) Services

KPMG’s compliance professionals perform assessments of financial institutions’ policies, procedures, and systems for compliance with the Guidelines on the implementation of Trinidad and Tobago’s Tax Information Exchange Agreements (United States of America) Act, 2017 (TIEAA). This assessment is required every three years for all financial institutions domiciled in Trinidad and Tobago.

Conclusion

In today’s regulatory landscape, it is essential for financial institutions in Trinidad and Tobago to prioritize compliance with AML/CFT/CPF requirements. KPMG’s experienced professionals are well-equipped to help clients navigate these complex regulations, ensuring that they remain compliant and avoid potential reputational damage and penalties.