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Banks in Trinidad and Tobago Take Steps to Prevent Financial Crime

As part of its efforts to combat financial crime, Trinidad and Tobago has implemented various measures to prevent money laundering and terrorist financing. According to a recent report, the country has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Risk Assessment and Prevention

One key area of focus for banks in Trinidad and Tobago is assessing risk and applying a risk-based approach to prevent financial crime. The country’s regulatory authorities have established guidelines for financial institutions to identify and mitigate high-risk transactions.

• Identify and mitigate high-risk transactions
• Implement strict customer due diligence procedures
• Maintain accurate records of all transactions

National Cooperation and Coordination

Trinidad and Tobago has also strengthened its national cooperation and coordination efforts to combat financial crime. The country’s law enforcement agencies and financial intelligence units work closely together to share information and coordinate investigations.

Preventing Terrorist Financing

The country has implemented a range of measures to prevent terrorist financing, including:

• Targeted financial sanctions related to terrorism and terrorist financing
• Implement strict customer due diligence procedures to prevent the use of their services for terrorist financing activities

Record-Keeping and Supervision

Trinidad and Tobago has taken steps to improve its record-keeping requirements, with financial institutions required to maintain accurate records of all transactions. The country’s regulatory authorities also conduct regular supervision and monitoring of financial institutions to ensure compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

Correspondent Banking

In terms of correspondent banking, Trinidad and Tobago has implemented strict requirements for financial institutions that engage in cross-border transactions. Financial institutions are required to:

• Implement robust customer due diligence procedures
• Maintain accurate records of all transactions

Transparency and Beneficial Ownership

The country has also taken steps to improve its transparency and beneficial ownership requirements, with financial institutions required to disclose the beneficial owners of legal persons and arrangements.

Conclusion

Overall, Trinidad and Tobago’s efforts to prevent financial crime have been commended by international organizations. The country’s regulatory authorities continue to work closely with financial institutions to ensure compliance with AML/CFT regulations and to prevent the use of financial services for criminal activities.