Financial Crime World

Compliance Officers Play Crucial Role in Trinidad and Tobago’s Financial Sector

In a move aimed at strengthening financial regulations, every supervised entity operating in Trinidad and Tobago is required to appoint a Compliance Officer (CO) and an Alternate Compliance Officer (ACO). These officers play a vital role in the business’ Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance regime.

The Role of Compliance Officers

Responsibilities of the CO

  • Oversee the implementation of policies and procedures approved by directors and senior management
  • Submit suspicious transaction reports to the Financial Intelligence Unit of Trinidad and Tobago (FIUTT)
  • Ensure continuity in compliance functions and reporting obligations in their absence

Alternate Compliance Officer (ACO)

  • Assumes duties of the CO in their absence
  • Ensures continuity in compliance functions and reporting obligations

Appointing Suitable Compliance Officers

The CO and ACO play a vital role in every business’ AML/CFT system. Therefore, appointed employees must be well-trained and suitable to perform their tasks. Moreover, the CO must have decision-making authority.

For more information on who can be appointed as the CO and ACO, refer to the guidance note: Guidance Note - Jan 2018 - Appointment and Approval of CO and ACO.

Approval Process for Compliance Officers

  • The CO and ACO appointed by senior management must undergo approval by the FIUTT.
  • The approval process begins upon receipt of the Compliance Officer Fit and Proper Questionnaire, after which all relevant internal processes and checks are conducted.
  • Written notification is then provided to the entity regarding the FIUTT’s decision.

Updating Data Information with FIUTT

The FIUTT recognizes that Supervised Entities may need to provide updated data on occasion. To facilitate this process, the FIUTT encourages entities to utilize its new FIUTT Data Update Form. This form can be used to update information such as:

  • Changes to registered addresses
  • Mailing addresses
  • Information relating to Compliance Officers and Alternate Compliance Officers
  • Name changes of individuals
  • Government-issued picture IDs
  • Citizenship

By utilizing this form, Supervised Entities can ensure that their data is up-to-date and accurate, which is essential for maintaining compliance with financial regulations.