Regulatory Alerts2021-09-14 | 29697Added · Updated
Guidance for the Application of Simplified Due Diligence for Basic Banking Accounts
The Central Bank of Trinidad and Tobago issued this guidance to commercial banks licensed under the Financial Institutions Act, 2008, requiring them to implement simplified due diligence measures for basic banking accounts held by vulnerable persons, including low-income and undocumented individuals. Issued as an addendum to the Anti-Money Laundering and Combatting the Financing of Terrorism Guideline, the document mandates that banks adjust customer acceptance policies to avoid denying access to basic services for financially or socially disadvantaged groups. The Central Bank expects all commercial banks to adopt these parameters within a reasonable timeframe.