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Trinidad and Tobago Tightens Grip on Anti-Money Laundering Laws

Port of Spain, Trinidad and Tobago: The Central Bank of Trinidad and Tobago has reiterated its commitment to ensuring that financial institutions operating in the country comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Supervision and Compliance

According to the Financial Obligations Regulations 2010, as amended, the Central Bank is responsible for supervising licensed institutions under the Financial Institutions Act 2008, registrants under the Insurance Act, home mortgage banks, bureaux de change, and money remittance businesses to ensure they comply with AML/CFT legislative and regulatory requirements.

Guidelines and Circular Letters

In addition to its regulatory function, the Central Bank issues guidelines and circular letters providing guidance on anti-money laundering and combating terrorism financing processes, systems, and practices to ensure compliance with the legislation.

National Initiatives

The country has also contributed to national initiatives in the fight against money laundering through its participation on the National Committee on AML/CFT and making technical presentations on the legislation at various conferences and workshops.

Draft and Consultation Papers

The Central Bank has issued several circular letters providing guidance on AML/CFT regulations, including:
- Updated guidance for the application of simplified due diligence for basic banking accounts
- Supervisory ladder of intervention policy
- Consultation on policy for the introduction of an administrative monetary fine framework

CFATF and FATF Public Statements

The Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF), a global standard-setting body for AML/CFT, periodically issue public statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorism financing regimes.
Financial institutions are required to take these public statements into account when considering whether a transaction should be reported as suspicious activity or transaction.

AML/CFT Guidelines

The Central Bank has issued several guidelines on AML/CFT, including:
- Addendum to The Central Bank’s AML/CFT Guideline - SDD Requirements for Basic Banking Accounts
- Joint Regulatory Guidance on Complying with AML/CFT Verification Requirements in light of COVID-19 Measures
- Guidelines on Anti-Money Laundering and Combating of Terrorism Financing

Regulatory Reporting and Forms

The Central Bank requires financial institutions to submit regulatory returns and forms, including:
- AML/CFT/CPF Self-Assessment Questionnaire
- Alternate Compliance Officer Notification template

For more information on anti-money laundering laws in Trinidad and Tobago, visit the following websites:

Financial Intelligence Unit of Trinidad and Tobago (FIU)
Trinidad and Tobago Securities and Exchange Commission (TTSEC)
Caribbean Financial Action Task Force (CFATF)
Financial Action Task Force (FATF)

Mutual Evaluation Report

The country’s 4th Round Mutual Evaluation Report and 3rd Follow-Up Report are available on the Central Bank’s website.