Regulatory Alerts2023-03-06 | 29731Added · Updated
Updated Guidance for the Application of Simplified Due Diligence for Basic Banking Accounts
The Central Bank of Trinidad and Tobago has revised the Simplified Due Diligence Guidance for Basic Banking Accounts to reflect the increase in the personal income tax allowance from TT $84,000 to TT $90,000 per annum, effective January 1, 2023. The Circular mandates that commercial banks review these accounts annually to ensure transactional activity remains within established thresholds. If thresholds are exceeded, institutions must conduct standard due diligence and either migrate the customer to a regular savings account or terminate the relationship and file a suspicious transaction report.