Financial Crime World

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Compliance Officer Responsibilities in Trinidad and Tobago: A Crucial Role in Fighting Financial Crime

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In a bid to combat money laundering and terrorist financing, Trinidad and Tobago’s financial regulatory bodies have mandated that all supervised entities appoint a Compliance Officer (CO) and an Alternate Compliance Officer (ACO). This special team plays a pivotal role in ensuring the country’s financial system remains clean and free from illicit activities.

Responsibilities of the Compliance Officer

The Compliance Officer is responsible for:

  • Overseeing the implementation of anti-money laundering and counter-terrorism financing policies and procedures, as approved by senior management.
  • Submitting suspicious transaction reports to the Financial Intelligence Unit of Trinidad and Tobago (FIUTT).
  • Maintaining a robust compliance regime.

In the absence of the Compliance Officer, the Alternate Compliance Officer takes over, ensuring business reporting obligations are met and continuity is maintained. This arrangement guarantees that critical functions are not disrupted, allowing supervised entities to continue operating without interruption.

Appointing the Right Candidate

Only suitable candidates with decision-making authority can be appointed as Compliance Officers or Alternate Compliance Officers. The chosen individual must possess:

  • Necessary training and expertise to perform tasks effectively.
  • Decision-making authority.

For further guidance on who can be appointed as a CO or ACO, refer to the FIUTT’s Guidance Note on Appointment and Approval of Compliance Officer and Alternate Compliance Officer.

Approval Process

Once selected, the CO and ACO must be approved by the FIUTT. The approval process begins upon receipt of the Compliance Officer Fit and Proper Questionnaire. The FIUTT conducts internal checks and verifies relevant information before issuing a written notification of its decision.

Updating Data Information

To ensure accuracy and efficiency, supervised entities may need to provide updated data to the FIUTT on various aspects, including:

  • Registered address
  • Mailing address
  • Compliance officer details
  • Changes in individual names
  • Government-issued picture IDs
  • Citizenship

To facilitate this process, the FIUTT has introduced a new Data Update Form, which Supervised Entities are encouraged to utilize.