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Compliance Regulations for Financial Institutions in Antigua and Barbuda Tightened
The Office of National Drug and Money Laundering Control Policy (ONDCP) has announced a series of compliance regulations aimed at strengthening financial sector safeguards against money laundering and terrorist financing in Antigua and Barbuda.
New Measures to Ensure Adherence to International Standards
According to sources, the new measures are designed to ensure that financial institutions operating in the country adhere to international standards and best practices. The ONDCP is responsible for overseeing and regulating anti-money laundering (AML) and combating the financing of terrorism (CFT) laws in the country.
Key Requirements for Financial Institutions
The regulations require financial institutions to:
- Establish and maintain effective internal controls
- Conduct regular customer due diligence
- Report suspicious transactions to the Financial Intelligence Unit (FIU)
- Have a clear written policy outlining their AML/CFT risk assessment procedures
- Implement measures to mitigate identified risks
Stricter Guidelines for Customer Identity Verification
The ONDCP has introduced stricter guidelines for the verification of customer identities, including:
- Requirements for documentation and record-keeping
- Maintenance of accurate records of all transactions, accounts, and customers
Enhancing Transparency, Accountability, and Cooperation
The new regulations aim to enhance transparency, accountability, and cooperation among financial institutions in Antigua and Barbuda. The ONDCP has warned that non-compliance with the new regulations may result in penalties, fines, or even revocation of licenses.
Guidance and Support for Financial Institutions
Financial institutions operating in Antigua and Barbuda have been advised to familiarize themselves with the new regulations and take immediate action to comply. The ONDCP has pledged to provide guidance and support to financial institutions during this transition period.
Contact Information
For more information, please contact: Office of National Drug and Money Laundering Control Policy Camp Blizard, St Georges, Antigua Tel: (268) 562-3255/6 Fax: (268) 460-8818 Email: ondcp@candw.ag