Financial Crime World

FIUTT’s Unit Enforces AML/CFT Obligations with On-Site Exams, Off-Site Monitoring

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The Financial Intelligence Unit Trinidad and Tobago (FIUTT) has reiterated its commitment to ensuring that financial institutions comply with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) obligations. The unit’s Compliance and Outreach Division is responsible for conducting on-site examinations and off-site monitoring to ensure adherence to AML/CFT regulations.

On-Site Examinations

The FIUTT’s Compliance Officers conduct on-site examinations of financial institutions, which involve reviewing their internal controls and procedures to prevent money laundering and terrorist financing. The findings are then reported to the Lead Examiner, who prepares a final report outlining any remedial action required by the examined entity within specified timeframes.

Off-Site Monitoring

In addition to on-site examinations, the FIUTT is empowered to impose administrative sanctions for breaches of AML/CFT obligations, in accordance with internal enforcement procedures.

Information Exchange Key to AML/CFT Efforts

The FIUTT also plays a crucial role in exchanging financial intelligence and information with members of the Egmont Group and foreign Financial Intelligence Units (FIUs), either spontaneously or on request. The unit is required to cooperate with local and foreign authorities, as well as affiliates within the intelligence community and law enforcement agencies.

  • To facilitate this cooperation, the FIUTT may enter into Memoranda of Understanding (MOUs) with other organizations.
  • The exchange of information helps to identify and disrupt money laundering and terrorist financing activities, and supports efforts to combat these threats globally.

Outreach, Training Key to Effective AML/CFT Programs

The FIUTT is also responsible for providing outreach and training services to financial institutions and other entities subject to AML/CFT regulations. The unit provides guidelines and resources to help these entities understand their mandatory obligations under the AML/CFT laws.

  • The FIUTT monitors developments in money laundering and terrorist financing techniques, typologies, and trends, and issues advisories and statistics to support the development of effective AML/CFT programs.
  • The unit also conducts regular training sessions for financial institutions and other entities on AML/CFT regulations and best practices.

Analytical Division Plays Critical Role

The FIUTT’s Analytical Division is responsible for analyzing Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs), which are submitted by financial institutions and other entities. The division uses internationally recommended criteria to prioritize the reports, and conducts detailed searches and assessments to generate Intelligence Reports.

  • These Intelligence Reports are then disseminated to law enforcement agencies, who use them to investigate potential money laundering and terrorist financing activities.
  • The FIUTT’s analysis helps to identify links between transactions and individuals, and provides valuable intelligence to support investigations and prosecutions.

Overall, the FIUTT plays a critical role in ensuring that financial institutions comply with AML/CFT obligations, and in supporting efforts to combat money laundering and terrorist financing.