New Central Bank Portal for Electronic Submission of Board Packages

CENTRAL BANK OF TRINIDAD AND TOBAGO
Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

November 3, 2021
CIRCULAR LETTER TO:
ALL FINANCIAL INSTITUTIONS LICENSED UNDER THE
FINANCIAL INSTITUTIONS ACT, 2008 AND
REGISTERED UNDER THE INSURANCE ACT, 2018 REF: CB-OIFI-2657/2021 NEW CENTRAL BANK PORTAL FOR ELECTRONIC SUBMISSION OF BOARD PACKAGES The Central Bank of Trinidad and Tobago (“Central Bank”/“Bank”) advises that an important aspect of its supervisory process is the regular review of licensees’ board and board committees’ minutes and packages (hereinafter referred to collectively as “Board Packages”) to determine inter alia, the adequacy of oversight and risk management of current and emerging risks and other key developments. Further to our correspondence issued to institutions in October 2020 and on account of the ongoing restrictions posed by the COVID-19 pandemic, the Bank now confirms its change in process from the physical onsite review of financial institutions’ Board Packages. Accordingly, the Central Bank advises that pursuant to section 62(7) of the Financial Institutions Act, 2008 (“FIA”), the Bank now requests financial institutions to submit their Board packages, via the Central Bank’s Secure portal on its website. Institutions will be required to upload all board packages from October 1, 2021 onward via the portal and going forward Board Packages must be uploaded twenty (20) working days after board minutes have been ratified by the Board. Banks and non-bank financial institutions should submit the names and email addresses of the users who are to be granted access to the portal to Mr. Kendall Cuffy, Manager, Banks & Non-Banks at kcuffy@central-bank.org.tt by November 15, 2021. For insurance companies the names and email addresses of the users who are to access the portal should be submitted to Mrs. Marlene Mackenzie, Assistant Manager - Insurance at mmackenzie@central-bank.org.tt by said date. Users will be notified via email once the setup has been complete. We look forward to your cooperation and timely response. Yours sincerely Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS