Financial Crime World

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Antigua and Barbuda Tightens Banking Security Measures Against Financial Crime

The government of Antigua and Barbuda has taken significant steps to protect its financial system from transactions linked to crime. A collaborative effort between the Supervisory Authority and Financial Institutions has been established to ensure compliance with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws and regulations.

The Financial Compliance Unit (FCU)

The newly established FCU is responsible for ensuring that all financial institutions comply with AML/CFT laws and regulations. The unit conducts on-site and off-site examinations to evaluate the effectiveness of AML/CFT programs implemented by financial institutions, providing remedial feedback and assistance as needed.

Regulations Mandate Annual AML/CFT Review

Regulation 15 of the Money Laundering (Prevention) Regulations requires all financial institutions listed in the first schedule of the Money Laundering (Prevention) Act to conduct an annual assessment of their AML/CFT policies and procedures. Quarterly Terrorist Property reports must also be submitted by these institutions.

Additional Requirements for Schedule 2 Institutions

Institutions catalogued in Schedule 2, including:

  • Banking and financial business
  • International offshore banking business
  • Insurance companies
  • Internet gambling companies
  • Sports betting companies
  • Casinos
  • Money service businesses

are required to submit an additional annual Audit Review Report.

The FCU’s Responsibilities

The FCU’s responsibilities include:

  • Conducting on-site and off-site examinations to evaluate the effectiveness of AML/CFT programs
  • Monitoring institutions for timely submission of reports
  • Providing assistance in AML/CFT training workshops

Strengthening Antigua and Barbuda’s Financial System

These measures aim to strengthen Antigua and Barbuda’s financial system, deterring money laundering and terrorism financing activities. The FCU plays a crucial role in ensuring that financial institutions comply with regulations, providing support and guidance where necessary.