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Know Your Customer (KYC) Process in Trinidad and Tobago: A Step-by-Step Guide

In an effort to combat financial crimes and maintain transparency, insurance companies in Trinidad and Tobago are required to implement a robust Know Your Customer (KYC) process. This process involves verifying the identity of policyholders, their source of funds, and tax status.

Purpose and Compliance

The KYC process is designed to ensure compliance with the Financial Obligations Regulations, 2010, made pursuant to Section 56 of the Proceeds of Crime Act, 2000, as well as relevant legislation pertaining to the exchange of information with regard to foreign tax obligations. This checklist must be completed and submitted as part of every application for insurance coverage.

Verification Process

Only original documents can be used in the verification process, which must be copied and attached to this form and secured in the client’s file. In cases where the policyholder and payer are different persons, their relationship must be established, and the payer’s source of funds and identity must be verified.

Global Reporting Requirements

To comply with global reporting requirements, including the US Foreign Account Tax Compliance Act (FATCA), information on foreign tax payers’ accounts must be obtained and reported to the relevant Tax Revenue Service of the individual’s home state.

Form Sections

Section A: Policy Details

  • Policy Number:
  • Policy Type:
  • Date Effected:

Section B: Policyholder Type

  • Individual - Resident
  • Individual - Non-Resident
  • Politically Exposed Person (PEP)
  • Other (Specify)

Section C: Policyholder Information

  • Full Name:
  • Date of Birth:
  • Place of Birth:
  • Nationality:
  • Country of Residence:
  • Occupation:

Section D: Payor Information

  • Is the Payor different from the Policyholder?
    • If yes, provide the following information on the Payor:
      • Name of Payor
      • Relationship of Payor to Policyholder

Section E: Occupation of Payor

  • Employee
  • Self-Employed
  • Type of Business:

Section F: Verification of Source of Funds of the Payor

  • State the source of funds for the payment of premiums:
  • Estimated Annual Income (Kindly tick relevant box below):
    • Less than $72,000.00 TTD
    • $72,000.00 to $150,000.00 TTD
    • $150,000.00 to $300,000.00 TTD
    • Greater than $300,000.00 TTD

Section G: Signatures Required

  • Client:
    • I hereby warrant that all of the above statements and particulars are true, accurate, and complete.
    • I hereby consent to the disclosure of the above information or details of transaction related thereto to any third party, as may be required by law.
  • Employee: Acknowledgement that the policyholder signed the proposal/agreement in the presence of a staff member of TATIL