Financial Crime World

Banks in Trinidad and Tobago Taking Steps to Prevent Money Laundering

Progress Made by Banks in Trinidad and Tobago

A recent evaluation by international authorities has found that banks in Trinidad and Tobago are making progress in preventing money laundering, but there is still room for improvement. The Financial Action Task Force (FATF) conducted a mutual evaluation of Trinidad and Tobago’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regime in 2016.

Key Areas of Progress

Some of the key areas where Trinidad and Tobago has made significant progress include:

  • Strengthening laws against money laundering and terrorist financing
  • Improving regulation and supervision of financial institutions

Areas for Improvement

Despite the progress made, there are still areas that require improvement. These include:

Customer Due Diligence

  • Strengthen customer due diligence measures: Financial institutions need to ensure that they are adequately verifying the identities of their customers.
  • Verify customer information: Ensure that all customer information is accurate and up-to-date.

Record-Keeping Requirements

  • Improve record-keeping requirements: Financial institutions need to maintain accurate and complete records of transactions.
  • Maintain transaction records: Ensure that all transaction records are properly documented and stored.

Reporting of Suspicious Transactions

  • Enhance reporting of suspicious transactions: Financial institutions need to report all suspicious activity to the relevant authorities.
  • Report suspicious transactions promptly: Ensure that all suspicious transactions are reported in a timely manner.

Banks Taking Steps to Prevent Money Laundering

Despite the areas for improvement, banks in Trinidad and Tobago are taking steps to prevent money laundering. Many banks have implemented robust AML/CFT policies and procedures to ensure compliance with international standards. Some banks are also investing in new technologies, such as artificial intelligence (AI), to enhance their anti-money laundering capabilities.

Conclusion

While Trinidad and Tobago has made progress in implementing the FATF recommendations, there is still room for improvement. Banks in the country need to continue strengthening their AML/CFT measures to ensure compliance with international standards. By doing so, they can help prevent money laundering and protect the financial system from abuse.