Banking Regulations Against Financial Crime in Antigua and Barbuda Get Tougher

The government of Antigua and Barbuda has taken significant steps to strengthen its banking regulations against financial crime. A new Financial Compliance Unit (FCU) has been established to ensure that all financial institutions comply with Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) laws.

Annual Assessments and Reports

In accordance with Regulation 15 of the Money Laundering (Prevention) Regulations, all financial institutions listed in Schedule 1 of the Money Laundering (Prevention) Act must conduct an annual assessment of their AML/CFT policies and procedures. These institutions are also required to submit Terrorist Property reports on a quarterly basis.

Institutions catalogued in Schedule 2 of the Money Laundering (Prevention) Regulations, including:

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

must submit an additional annual Audit Review Report. These reports serve as a gauge of the effectiveness of institutions’ implementation of AML/CFT requirements.

FCU’s Key Responsibilities

The FCU plays a crucial role in protecting Antigua and Barbuda’s financial system against transactions involving proceeds of crime. Its key responsibilities include:

Conducting on-site and offsite examinations to evaluate the effectiveness of an institution’s money laundering prevention program
Providing remedial feedback and assistance where necessary
Carefully monitoring institutions to ensure they submit required reports in a timely manner
Offering support with AML/CFT training workshops

By strengthening its banking regulations, Antigua and Barbuda aims to create a safer financial environment for its citizens and businesses, while also meeting international standards on combating money laundering and terrorism financing.