Financial Crime World

Here is the rewritten article in markdown format:

Financial Regulatory Bodies Worldwide in Trinidad and Tobago

A stable financial system plays a crucial role in mitigating potential losses for depositors, policyholders, and pension plan members. The Central Bank of Trinidad and Tobago has a key mandate to promote the stability of the financial system, which rests with the Financial Institution Supervision Department (FISD).

Objectives of FISD

Under the leadership of the Inspector of Financial Institutions (IOFI), FISD promotes financial stability by:

  • Administering the Financial Institutions Act, 2008, and the Insurance Act, Chapter 84:01 to licensed financial institutions, registered insurance companies, intermediaries, and occupational pension plans
  • Maintaining an appropriate legislative, regulatory, and supervisory framework
  • Assessing all licensees and registrants to determine their sound financial condition
  • Promoting efficient and fair financial services markets
  • Ensuring compliance with relevant laws and regulations

Risk-Based Supervisory Framework

To achieve these objectives, FISD uses a risk-based supervisory framework comprising:

  • On-site examinations
  • Off-site monitoring
  • Ad hoc analyses to assess the continued safety and soundness of regulated entities
  • Examinations and reviews of reports to ensure compliance with regulatory laws and guidelines
  • The authority to impose sanctions for breaches

Recommendations and Cooperation

FISD also makes recommendations for new regulations or enhanced legislation to keep pace with local and international trends and the dynamic environment in which regulated entities operate. Additionally, FISD cooperates and shares information with other supervisory authorities, including:

  • Trinidad and Tobago Securities and Exchange Commission (TTSEC)
  • Financial Intelligence Unit of Trinidad and Tobago (FIU)

A multilateral Memorandum of Understanding was signed in 2019 to establish a formal basis for cooperation and information exchange.

Supervisory Policies

For more information on supervisory policies, please click on the link below: Supervisory Policies