Regulatory Alerts2019-03-29 | 29772Added · Updated
Amendment to the Definition of Financial Institutions under the Proceeds of Crime Act
The Central Bank of Trinidad and Tobago clarifies that insurance agents are exempt from the Proceeds of Crime Act definition of financial institutions, relieving them of the obligation to establish an AML/CFT Compliance Programme under Section 55C. Insurance companies must ensure their agents comply with internal policies and receive annual training, while companies and brokers dealing in life or investment-related insurance must continue to comply with all applicable AML/CFT obligations. Non-life insurance providers are exempt from Section 55C but remain subject to mandatory requirements for suspicious activity reporting, sanctions screening, and customer identification. Additionally, non-life insurance companies and brokers are exempt from submitting an AML/CFT external audit report for the 2018 reporting period.