Regulatory Alerts2020-08-19 | 29674Added · Updated
Amendment to the Definition of Financial Institutions Under the Proceeds of Crime Act Chapter 11:27
The Central Bank of Trinidad and Tobago clarifies that insurance agents are removed from the definition of financial institutions under the Proceeds of Crime Act and are exempt from establishing AML/CFT compliance programs. Insurance companies must ensure their agents comply with internal policies and receive annual training, while life insurance providers and those offering investment-related products must continue to meet all applicable AML/CFT obligations. Non-life insurance providers are exempt from Section 55C but must identify suspicious activities, screen against designated persons lists, and verify beneficiary identities. Additionally, non-life insurers and brokers are exempt from submitting external AML/CFT audit reports for the 2018 reporting period.
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