Circular Letter – Amendments to the FOR, 2010 and the Miscellaneous Provisions Act, 2018

[LOGO] CENTRAL BANK OF TRINIDAD & TOBAGO 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

January 04, 2019

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 AGRICULTURAL DEVELOPMENT BANK (ADB) TRINIDAD AND TOBAGO MORTGAGE FINANCE (TTMF) HOME MORTGAGE BANK (HMB) INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO (ICATT) BANKERS ASSOCIATION OF TRINIDAD AND TOBAGO (BATT) ASSOCIATION OF TRINIDAD AND TOBAGO INSURANCE COMPANIES (ATTIC) INSURANCE BROKERS ASSOCIATION OF TRINIDAD AND TOBAGO (IBATT) INSTITUTE OF INTERNAL AUDITORS

REF: CB-OIFI-22/2019

LEGAL NOTICE NO 183 - AMENDMENTS TO THE FINANCIAL OBLIGATIONS REGULATIONS, 2010 AND THE MISCELLANEOUS PROVISIONS (PROCEEDS OF CRIME, ANTI-TERRORISM AND FINANCIAL INTELLIGENCE UNIT OF TRINIDAD AND TOBAGO) ACT, NO 20 OF 2018

The Central Bank of Trinidad and Tobago (“Central Bank”) advises that, pursuant to section 56 of the Proceeds of Crime Act Chap. 11:27, the Financial Obligations (Amendment) Regulations, 2018 were laid in Parliament on December 14, 2018, subject to negative resolution. Additionally, the Miscellaneous Provisions (Proceeds of Crime, Anti-Terrorism and Financial Intelligence of Trinidad and Tobago) Act No 20 of 2018 was assented to on December 31, 2018 (together “the amended legislation”).

The amended legislation seeks to address deficiencies identified in the Caribbean Financial Action Task Force’s June 2016 Mutual Evaluation Report on Trinidad and Tobago and the country’s National Risk Assessment.

The Central Bank expects that all licencees and registrants will carefully consider the amended legislation and revise their AML/CFT Compliance Programs accordingly. The amended legislation is available on the Central Bank’s website at: https://www.central-bank.org.tt/core-functions/financial-stability/amlcft .

Any questions regarding the amended legislation may be directed to aml@central-bank.org.tt.

We look forward to your usual co-operation.

Yours sincerely

[Signature]

Michelle Francis-Pantor Deputy Inspector – Banks, Non-Banks and Payment Systems Oversight FINANCIAL INSTITUTIONS SUPERVISION DEPARTMENT