Regulatory Alerts2025-04-09 | 34904Added · Updated
Guidance for Conducting Periodic Reviews of Customer Relationships
The Central Bank of Trinidad and Tobago establishes specific review frequencies for customer risk assessments, requiring annual reviews for high-risk customers, every three years for standard or medium-risk customers, and every five years for low-risk customers. Financial institutions must implement policies addressing trigger events, such as material changes in ownership or adverse media, and define distinct due diligence procedures for each risk category. The guidance mandates that these policies include provisions for sanctions screening, open-source searches, senior management approval for high-risk relationships, and independent audit reviews of the review process effectiveness.