Regulatory Alerts2017-08-24 | 29510Added · Updated
Revised Guideline on Anti-Money Laundering and Combating Terrorist Financing
The Central Bank of Trinidad and Tobago finalized and issued a revised Guideline on Anti-Money Laundering and Combating Terrorist Financing, effective October 31, 2011. This guideline applies to all institutions licensed under the Financial Institutions Act 2008, all insurance companies and brokers, and all cambios. It provides more specific guidance on customer due diligence requirements, and regulated financial institutions must implement its procedures promptly. Additionally, managing directors and Boards are now required to ensure external auditors evaluate their institution's compliance with all AML/CTF laws and this guideline at each financial year end.
CENTRAL BANK OF TRINIDAD & TOBAGO Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt
November 01, 2011
CIRCULAR LETTER TO: ALL INSTITUTIONS LICENSED UNDER THE FINANCIAL INSTITUTIONS ACT 2008 ALL INSURANCE COMPANIES AND BROKERS REGISTERED UNDER THE INSURANCE ACT CHAP 84:01 ALL CAMBIOS LICENSED UNDER THE EXCHANGE CONTROL ACT
REF: CB-OIFI-2627/2011
Revised Guideline on Anti-Money Laundering and the Combating of Terrorist Financing
The Central Bank of Trinidad and Tobago (the Central Bank) wishes to advise that the revised Guideline on Anti-Money Laundering and Combating Terrorist Financing (AML/CTF Guideline) has been finalized for issue effective October 31, 2011.
A key objective of the Guideline is to aid regulated financial institutions in complying with relevant AML/CTF legislative and regulatory obligations, and provide more specific guidance regarding customer due diligence requirements.
The Central Bank expects all regulated financial institutions to review the content of the AML/CTF Guideline and take the necessary steps to implement the procedures contained therein within the shortest possible timeframe.
Furthermore, managing directors and Boards are required to ensure that, at each financial year end, their external auditors evaluate their institution's compliance with all relevant AML/CTF laws and regulations, including this AML/ CTF Guideline.
The AML/CTF Guideline can be viewed on the Central Bank's website. However, should you require any further clarification on the Guideline you are advised to submit your queries in writing to:
Manager, Policy and Market Conduct Unit Financial Institutions Supervision Department Central Bank of Trinidad and Tobago Eric Williams Plaza, Independence Square Port of Spain
We take this opportunity to thank you for the valuable contribution you have made to the finalization of the AML/CTF Guideline and look forward to your continued cooperation as we strive to achieve the most effective and appropriate level of compliance with AML/CTF requirements.
Yours sincerely
(Signature)
Carl Hiralal Inspector of Financial Institutions
Cc BATT, ATTIC, ICATT, IBATT