Financial Intelligence Unit of Trinidad and Tobago (Enhanced Due Diligence Requirements) Order 2016

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) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

January 9, 2017

CIRCULAR LETTER TO ALL INSTITUTIONS LICENSED UNDER THE FINANCIAL INSTITUTIONS ACT CHAP. 79:09, INSURANCE COMPANIES AND BROKERS REGISTERED UNDER THE INSURANCE ACT CHAP. 84:01, BUREAUX DE CHARGE LICENSED UNDER THE EXCHANGE CONTROL ACT 79:50, BATT, ICATT, ATTIC, IBATT, ADB, TTMF, HMB, NIB & TTUTC

REF: CB-OIFI-51/2017

THE FINANCIAL INTELLIGENCE UNIT OF TRINIDAD AND TOBAGO (“FIU”) (ENHANCED DUE DILIGENCE REQUIREMENTS) ORDER 2016

The Central Bank of Trinidad and Tobago (“Central Bank”) advises that an FIU Order made pursuant to section 17(2) of the Financial Intelligence Unit of Trinidad and Tobago Act, Chap 72:01 is now law and has been formally gazetted.

The Order requires a financial institution or listed business to undertake enhanced due diligence before entering into a business relationship or transaction with a high risk entity, a higher risk country or a person based in a higher risk country.

The Central Bank encourages all regulated entities to apply the appropriate level of scrutiny and due diligence when transacting business in accordance with the FIU Order. The Order can be found on the Central Bank’s website at AML/CFT Circular Letters or at FIU Order.

Yours sincerely

[Signature]

Michelle Chong Tai-Bell
INSPECTOR OF FINANCIAL INSTITUTIONS