Title: Enhancing Anti-Money Laundering Measures in Trinidad and Tobago: New Regulations for Financial Institutions and Listed Businesses

The government of Trinidad and Tobago has introduced new financial obligations regulations to fortify the country’s efforts against money laundering and terrorist financing. These regulations, an essential component of the Proceeds of Crime Act, detail the training requirements and compliance programs for financial institutions and listed businesses.

Table of Contents

• Terminology and Scope (Part I)
• Training and Compliance Programs (Part II)
  • Compliance Officer
  • Recruitment and Training
  • Customer Due Diligence
  • Record Keeping
  • Supervisory Authority and Reporting
  • Offenses and Penalties

Terminology and Scope (Part I)

This section defines essential terms and sets the scope of the regulations.

Training and Compliance Programs (Part II)

Compliance Officer

Each financial institution or listed business must appoint a Compliance Officer, responsible for:

1. Ensuring compliance procedures and controls are in place
2. Coordinating and monitoring the compliance program
3. Reviewing reports of suspicious transactions
4. Serving as the liaison official with the Financial Intelligence Unit (FIU)

Recruitment and Training

Financial institutions and listed businesses must:

1. Hire staff of the highest integrity and competence
2. Provide ongoing training to all directors and employees on money laundering risks and detection techniques

Customer Due Diligence

Part III requires financial institutions and listed businesses to:

1. Conduct due diligence when transactions exceed a specified threshold or appear linked
2. Identify customers, beneficial owners, and understand business relationships

Record Keeping

Records of transactions and customer information must be kept for a specified period and made available to supervisory authorities upon request, including:

1. Maintaining a list of agents for money or value transfer service providers

Supervisory Authority and Reporting

The supervisory authority can delegate functions to enforce regulations and issue guidelines. Financial institutions and listed businesses must report suspicious transactions to the FIU. Public authorities must appoint a Money Laundering Reporting Officer.

Offenses and Penalties (Part VIII)

Non-compliance with these regulations may result in penalties.

These regulations significantly bolster Trinidad and Tobago’s financial institutions and listed businesses’ defenses against money laundering and terrorist financing. By adhering to these measures, the country continues to uphold its reputation as a responsible and compliant financial hub.