Compliance Officer Duties Take Center Stage in Trinidad and Tobago

The Financial Intelligence Unit (FIU) of Trinidad and Tobago has outlined the key duties of its Compliance and Outreach Officers as part of a move to tighten financial regulations.

Importance of Compliance and Outreach Officers

The newly created position is crucial in ensuring that supervised entities comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws and regulations. As a contractual position, the Compliance and Outreach Officer will report directly to the Supervisor, Compliance and Outreach.

Key Responsibilities

• Communicate AML/CFT policies to supervised entities
• Conduct outreach and awareness training
• Assist in creating training programs and communication strategies
• Examine compliance programs submitted by supervised entities
• Assess and grant approval for the appointment of Compliance Officers
• Conduct on-site examinations to ensure adherence to FIU policies
• Produce comprehensive reports on compliance activities, including examination findings

Additional Duties

• Provide feedback to financial institutions and listed businesses on:
  • Registration applications
  • Approval of compliance programs
  • Appointments of Compliance Officers
• Maintain effective communication channels with reporting entities and stakeholders
• Produce information for public release on AML/CFT education and prevention
• Comply with security and confidentiality laws and regulations

Ideal Candidate Requirements

• Bachelor’s degree in Management Studies, Finance, Law, Economics, or a Social Science Discipline
• At least two years’ experience working in compliance in a regulatory organization or the private sector
• Strong communication skills
• Leadership abilities
• Honesty

Purpose of Compliance Officer Duties

The implementation of these duties aims to enhance the FIU’s efforts in combating money laundering and terrorist financing, ultimately protecting the financial integrity of Trinidad and Tobago.