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Financial Intelligence Agency (FIA) Update

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Recent Developments

The Financial Intelligence Agency (FIA) in the Turks and Caicos Islands has announced several key updates. Some of these developments include:

Enhanced Follow Up Report & Technical Compliance Re-Rating

55th Caribbean Financial Action Task Force (CFATF) Plenary

  • The FIA published its 3rd Enhanced Follow Up Report & Technical Compliance Re Rating after re-ratings at the 55th CFATF Plenary.

Memoranda of Understanding Signed

  • The FIA signed memoranda of understanding with Haiti and Guyana, further strengthening international cooperation and collaboration in combating financial crime.

Alerts and Advisories

The FIA has issued several alerts and advisories to protect the public from various threats. Some key points include:

Fraud Alert: Social Media Scams

  • A Fraud Alert was issued regarding social media scams in the Turks and Caicos Islands.
  • Tips are provided on how to safeguard against such threats, including:
    • Being cautious with personal and financial information shared online
    • Verifying the authenticity of messages and links before interacting with them
    • Using strong passwords and enabling two-factor authentication

Outreach and Awareness Sessions

The FIA has completed its 2023/24 round of Outreach and Awareness sessions for reporting entities. These sessions aim to educate and inform parties about their obligations and responsibilities in reporting suspicious transactions.

Upcoming Sessions

  • Interested parties can contact administration@fia.tc for more information on upcoming sessions.
  • The FIA encourages all eligible individuals and organizations to participate in these sessions to stay informed and compliant with regulations.

Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs)

All financial institutions, including designated non-financial businesses and professions (DNFBPs), not-for-profit organizations (NPOs), and other reporting entities are obligated to report all attempted and completed suspicious transactions to the FIA.

Statistics on SARs/STRs

  • The FIA provides statistics on SARs/STRs reported from 2016/17 to 2020/21, including:
    • Number of reports received
    • Types of suspicious activities identified
    • Geographic regions and industries involved

Financial Sanctions Notices

The Turks and Caicos Islands (TCI) derives most of its sanction orders from those issued by the United Nations (UN) and the European Union (EU).

Viewing Sanction Notices

  • Sanction notices can be viewed on the Office of the Attorney General’s website.