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Regulatory Compliance Auditing Crucial for Businesses in Trinidad and Tobago

Growing Scrutiny Requires Effective Compliance Programs

As businesses operating in Trinidad and Tobago face intense regulatory pressure, it has become essential for companies to have effective compliance programs in place. 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 countries such as Barbados, require businesses to adhere to strict anti-money laundering (AML), combating the financing of terrorism (CFT), and countering proliferation financing (CPF) standards.

KPMG’s Regulatory Compliance Services

KPMG provides a comprehensive solution for businesses seeking to ensure they meet these stringent requirements. The firm offers AML/CFT/CPF regulatory compliance assessment services, which involve:

  • Assessing clients’ systems against relevant regulatory bodies’ requirements
  • Conducting readiness and health check reviews
  • Designing, building, and executing AML/CFT programs
  • Identifying and mitigating risk exposures

Expertise and Experience

KPMG’s team of experts has over 25 years of combined experience in performing these services, with qualifications in AML/CFT/CPF and membership in associated professional bodies. The firm has conducted numerous legislative compliance assessments for large and medium-sized entities across various industries, providing:

  • Observations and recommendations for improvements or further actions as necessary
  • Expert guidance on AML/CFT/CPF regulations

FATCA Services

In addition to AML/CFT/CPF services, KPMG also provides Foreign Account Tax Compliance Act (FATCA) services. Under the Trinidad and Tobago’s Tax Information Exchange Agreements (United States of America) Act, 2017 (TIEAA), financial institutions domiciled in Trinidad and Tobago are required to perform assessments every three years to ensure compliance with relevant guidelines.

Why Regulatory Compliance Auditing is Crucial for Businesses

For businesses operating in Trinidad and Tobago, it is crucial to prioritize regulatory compliance auditing to avoid:

  • Reputational damage
  • Monetary penalties
  • Other severe consequences

KPMG’s comprehensive services can help organizations achieve this goal by providing expert guidance on AML/CFT/CPF and FATCA regulations.