Regulatory Alerts2020-12-24 | 29689Added · Updated
Financial Statements of Intermediaries
The Central Bank of Trinidad and Tobago and the Inspector of Financial Institutions require all agencies and brokerages to submit audited financial statements within sixty business days after the end of each financial year. These entities must maintain monthly accounts completed within fifteen business days and ensure auditors verify compliance with consumer trust account and anti-money laundering regulations. Failure to submit statements on time triggers an administrative fine of $5,000, with subsequent criminal penalties of $20,000 plus $2,000 per day for continued non-compliance.
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