Here is the rewritten article in markdown format:

Mutual Evaluation Report: Turks and Caicos Islands (TCI)

Criterion 10: Customer Due Diligence

The TCI has made significant improvements to its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, addressing deficiencies in customer due diligence. Key enhancements include:

• Review of existing customers’ CDD: Legal Notice 134 of 2021 amended Regulation 11(c) to require Financial Institutions (FIs) to review the CDD of existing customers based on materiality and risk.
• No simplified CDD measures: Unlike other jurisdictions, TCI has not established provisions for simplified CDD measures.

Criterion 14: Money Transmitters

TCI has also addressed deficiencies in its money transmitter regulations. Key improvements include:

• Broadened definition of money transmission: The Money Transmitters (Amendment) Ordinance 2021 defined money transmission more broadly to include the payment of a corresponding sum in any other form.
• License requirement for money service businesses: It is now an offense to carry on a money service business without a license, with penalties for non-compliance.

Key Findings and Recommendations

Following TCI’s amendments to its AML/PTF Code and Regulations, the following key findings and recommendations have been made:

• TCI has addressed all deficiencies: The country has successfully addressed all previously identified deficiencies in its AML/CFT framework.
• CDD provisions now apply to trusts: The revised CDD provisions now apply to trusts, addressing a previously existing deficiency.
• Upgrade in rating: TCI is re-rated as Compliant with R.10, reflecting significant improvements to its AML/CFT framework.
• Upgraded rating for Recommendation 14: The original rating of PC (Partially Compliant) for Recommendation 14 has been upgraded due to the amendments made.