Regulatory Alerts2020-04-14 | 23976Added · Updated
Joint Regulatory Guidance on Complying with AML/CFT Verification Requirements in light of COVID-19 Measures
The Central Bank of Trinidad and Tobago, the Trinidad and Tobago Securities and Exchange Commission, and the Financial Intelligence Unit authorize reporting entities to use electronic and digital onboarding measures, including accepting scanned documents and delayed physical verification, to comply with customer due diligence requirements during COVID-19 restrictions. Reporting entities must implement risk-based controls such as transaction limits, video verification, and third-party checks, while accepting recently expired government-issued identification valid until August 31, 2020. Suspicious activity reports must be filed with the FIU immediately or within fourteen days, and physical verification of original documents is required as soon as practicable after restrictions are lifted.