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Compliance Management Best Practices: Key to Success for Businesses in Trinidad and Tobago
In today’s highly regulated business environment, companies operating in Trinidad and Tobago are facing intense pressure from domestic and foreign regulators, enforcement authorities, and other stakeholders. To thrive, leading organizations must devote substantial efforts and resources to ensure they have appropriate and effective compliance programs in place.
The Importance of Compliance
A key area of focus for many businesses is anti-money laundering (AML) and combating the financing of terrorism (CFT). The Financial Obligations Regulations (FORs) and TTSEC Guidelines 2018, part 2, require companies to implement robust AML/CFT systems to prevent their services from being used to facilitate illegal activities.
KPMG’s Expertise in AML/CFT Compliance
KPMG’s risk consulting team has extensive experience in providing AML/CFT compliance services to clients across various industries. Our professionals work closely with clients to identify, manage, and mitigate their AML/CFT risk exposures in line with legislative requirements and industry best practices.
Services Offered
- AML/CFT regulatory compliance assessments
- Readiness and health check reviews
- Program design, build, and execution
Our team has over 25 years combined experience in performing these services and is qualified to provide expert advice on AML/CFT matters.
Compliance with FATCA
In addition to AML/CFT, businesses operating in Trinidad and Tobago must also comply with the Foreign Account Tax Compliance Act (FATCA). KPMG’s compliance professionals perform assessments of policies, procedures, and systems for compliance with relevant guidelines every three years. This assessment is required for all financial institutions domiciled in Trinidad and Tobago.
Benefits of Effective Compliance
In today’s complex regulatory environment, it is essential for businesses to have a comprehensive understanding of their compliance obligations. By adopting best practices in AML/CFT and FATCA compliance, companies can:
- Reduce the risk of non-compliance
- Minimize reputational damage
- Avoid financial penalties
Contact Us
For more information on KPMG’s compliance management services, including AML/CFT and FATCA assessments, contact our team today.