Regulatory Alerts2025-01-01
Guidance for Conducting Periodic Reviews of Customer Relationships
The Central Bank of Trinidad and Tobago issued this addendum to its AML/CFT Guideline to define expectations for ongoing due diligence and periodic reviews of customer relationships. Financial institutions must reassess high-risk customers annually, standard or medium-risk customers every three years, and low-risk customers every five years, while remaining vigilant for specific trigger events. The guidance mandates robust policies covering risk-based monitoring, sanctions screening, adverse media checks, and senior management approval for high-risk changes to ensure effective ML/TF risk management.
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