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Financial Obligations Regulations 2010: An Analysis of PEPs, Correspondent Banking, and Customer Due Diligence Provisions for Insurance Companies

The Financial Obligations Regulations 2010 from Trinidad and Tobago outline various requirements for financial institutions, listed businesses, correspondent banks, and insurance companies to prevent money laundering and terrorist financing. This article provides an analysis of the regulations related to Politically Exposed Persons (PEPs), correspondent banking, and customer due diligence provisions for insurance companies.

Politically Exposed Persons (PEPs)

The regulations outline specific requirements for identifying and dealing with PEPs:

Identifying PEPs

• A financial institution or listed business must put measures in place to determine whether an applicant for business, account holder, or beneficial owner is a politically exposed person.
• If the applicant has been found to be a PEP, further due diligence measures must be conducted in accordance with this regulation.

Dealing with PEPs

• The permission of a senior management official is required before establishing a business relationship with a PEP.

Correspondent Banking

The regulations outline requirements for correspondent banking:

Establishing Correspondent Relationships

• A correspondent bank (in Trinidad and Tobago) must collect sufficient information about its respondent bank (foreign bank) to understand the nature of their business and assess their anti-money laundering controls.
• The correspondent bank must obtain approval from senior management before establishing new correspondent relationships.

Record-Keeping and Due Diligence

• The correspondent bank must record responsibilities of both the correspondent and respondent banks, ensure that the respondent bank provides relevant customer identification data upon request, and verify the identity of customers who have access to payable-through accounts.

Customer Due Diligence Provisions for Insurance Companies

The regulations outline specific requirements for insurance companies:

Customer Identification Procedures

• An insurance company must undertake its customer identification procedures in respect of a party entering into an insurance contract.
• If the policyholder acts or appears to act on behalf of a principal, the true nature of the principal must be established and appropriate enquiries made.

Key Takeaways

• Financial institutions and listed businesses must identify and verify the identity of customers, including PEPs, and conduct due diligence measures in accordance with these regulations.
• Correspondent banks must collect information about their respondent banks, assess anti-money laundering controls, and obtain approval from senior management before establishing new relationships.
• Insurance companies must undertake customer identification procedures for policyholders who act on behalf of principals.