Regulatory Alerts2020-11-11 | 29628Added · Updated
AML/CFT Risk-Based Supervisory Framework
The Central Bank of Trinidad and Tobago has published its AML/CFT/CPF Risk-Based Supervisory Framework on its website. The document outlines the Bank's process for conducting risk-based supervision of regulated entities, including how AML risk assessments are derived and the nature of supervisory engagement based on risk ratings. This framework applies to licensees under the Financial Institutions Act, insurance companies, bureaux de change, payment service providers, electronic money issuers, and specific financial institutions.
November 11, 2020 Circular Letter To: Licensees under the Financial Institutions Act, Chap. 79:09 Insurance Companies and Brokers Registered under the Insurance Act, Chap. 84:01 Bureaux de Change Licensed under the Exchange Control Act, Chap. 79:50 Payment Service Providers under the Central Bank Act, Chap. 79:02 Electronic Money Issuers Registered under the E-Money Issuer Order, 2020 Home Mortgage Bank Trinidad and Tobago Mortgage Finance Company Limited Agricultural Development Bank of Trinidad and Tobago REF: CB-OIFI-2280/2020 AML/CFT/CPF RISK-BASED SUPERVISORY FRAMEWORK The Central Bank of Trinidad and Tobago (“Central Bank”/ “Bank”) advises that its riskbased approach to Anti-Money Laundering/Combatting the Financing of Terrorism and Proliferation Financing supervision (the “AML Risk-Based Supervisory Framework”) has been posted on the Bank’s website and can be accessed at https://www.central-bank.org.tt/core-functions/financialstability/amlcft. Effective risk-based supervision entails identifying money laundering (“ML”), terrorist and proliferation financing (“TF/PF”) risks, supervising financial institutions commensurate with the risks identified, and taking the necessary and proportionate actions to bring about compliance with AML/CFT/CPF statutory obligations. Accordingly, the AML Risk-Based Supervisory Framework explains, inter alia, the Bank’s process for conducting risk-based AML supervision of its regulated entities, inclusive of how the AML risk assessment for a regulated entity is derived. The meaning of the risk rating and the nature of supervisory engagement based on the AML risk rating are also explained. Please email the Bank at aml@central-bank.org.tt if you have any questions concerning the Framework. Yours sincerely Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS Cen t r al Ban k o f Tri n i d ad an d To bag o Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt