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Trinidad and Tobago Central Bank Issues New Credit Risk Management Guidelines for Financial Institutions

The Central Bank of Trinidad and Tobago has issued new guidelines for financial institutions operating in the country to strengthen credit risk governance frameworks.

Best Practices in Credit Risk Management

The Credit Risk Management Guideline supplements current legislation and regulations, reflecting best practices on credit risk management advocated by international bodies such as the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors.

Requirements for Financial Institutions

According to the Central Bank, licensed and registered financial institutions under the Financial Institutions Act, 2008 and the Insurance Act, 2018, respectively, are required to take all reasonable steps to ensure their credit risk management framework complies with the principles and requirements outlined in the document. The guidelines aim to strengthen a financial institution’s credit risk governance framework and establish its risk appetite and strategies, taking into account its size, complexity, and risks.

Implementation of New Guidelines

The Central Bank has emphasized that implementation of the new guideline should not impact the COVID-19 relief measures set out in Circular Letter CB-OIFI-2273/2021 issued on September 22, 2021, which come to an end on September 30, 2022. The new guidelines are available for download on the Central Bank’s website.

Contact Information

Financial institutions with queries regarding the new guideline can contact Mr. Kendall Cuffy, Manager- Banks and Non-Banks Unit at kcuffy@central-bank.org.tt.

Compliance Notice

The Central Bank of Trinidad and Tobago has urged all licensed and registered financial institutions to take note of the new guidelines and ensure compliance accordingly.