Trinidad and Tobago Financial Institutions Must Comply with Strict Regulations

The Financial Intelligence Unit of Trinidad and Tobago (FIUTT) has emphasized the importance of compliance regulations for financial institutions in the country, highlighting the role of Compliance Officers (COs) and Alternate Compliance Officers (ACOs) in maintaining anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Compliance Requirements

According to FIUTT guidelines, every Supervised Entity must appoint a CO and an ACO to oversee its AML/CFT compliance regime. The CO is responsible for:

Implementing policies and procedures approved by directors and senior management
Being authorized to submit suspicious transaction reports to the FIUTT in their absence

The ACO performs the same functions as the CO but only when they are unavailable.

Eligibility Criteria for Compliance Officers and Alternate Compliance Officers

To ensure that COs and ACOs are suitable for the role, financial institutions must appoint employees who have:

Decision-making authority
Receive specialized training

The CO and ACO must also be approved by the FIUTT, which requires submission of a Compliance Officer Fit and Proper Questionnaire. The entity is then notified in writing of the FIUTT’s decision.

Reporting Requirements

In addition to these requirements, Supervised Entities may need to provide updated data to the FIUTT on certain information, including:

Registered and mailing addresses
Details about COs and ACOs
Changes to government-issued picture IDs and citizenship

The FIUTT encourages financial institutions to use its new Data Update Form to make these updates.

Purpose of Compliance Regulations

These regulations are aimed at ensuring that Trinidad and Tobago’s financial sector is protected from illicit activities and maintains its reputation as a trustworthy and secure financial hub in the region.