CUSTOMER IDENTIFICATION AND VERIFICATION: Anti Money Laundering Compliance

Knowing Your Customer (KYC) is crucial to be able to identify unusual and suspicious customer activity. If the behaviour or transaction falls outside of the normal business activity for the customer then it becomes unusual. If the Listed Business (LB) or Financial Institution (FI) has reasonable grounds to bewlieve thst the teasactionis related to money laundering (ML) and or the finnancing of terrorism (TF), then a suspicious activity or transaction report shou;d be filed.

The following information must be obtained from the customer.(1) 15.(1) The financial institution or listed business shall on initiating a business relationship or transaction with an applicant, obtain
relevant identification records of the applicant as follows:
(a) full name of the applicant(s);
(b) permanent address and proof thereof;
(c) date and place of birth;
(d) nationality;
(e) nature and place of business/occupation where applicable;
(f) occupational income where applicable;
(g) signature;
(h) purpose of the proposed business relationship or
transaction and source of funds; and
(i) any other information deemed appropriate by the financial
institution or listed business.
(2) A valid passport, national identification card or driver’s
license shall be proof of identification and shall also be obtained or
examined by the financial institution or listed business.
(3) Where the business relationship involves a foreign customer
a reference shall be sought from the foreign customer’s bank.
(4) Where original documents are not available, copies shall be
acceptable only where they are certified by identification.

16(1) The requirements outlined in regulation 15, with
appropriate adaptations, shall apply to a business customer and the
financial institution or listed business shall verify the identity of the
directors and other officers of a company, partners of a partnership,
account signatories, beneficial owners and sole traders by means of
documentary evidence.
(2) In addition, the financial institution or listed business shall
obtain, to the extent relevant to a proposed business relationship or
transaction—
(a) the Certificate of Incorporation or Certificate of
Continuance;
(b) the Articles of Incorporation;
(c) a copy of the by-laws, where applicable;
(d)management accounts for the last three years for selfemployed
persons and businesses which have been in
operation for more than three years; and
(e) information on the identity of shareholders holding more
than ten per centum of the paid up share capital of the
company.
(3) In the event that an applicant for business cannot satisfy the
requirements of subregulation (2)(d), the financial institution or listed business may request other forms of proof of the integrity of the source of funds to be used for the transaction.

About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT  THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.

ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO

Website: www.asydneygroup.com

Call/Whatsapp to book an appointment 868 373-1166. Consultation fee is $300 TTD per hour.

Blog: https://sydneygroupblog.wordpress.com/

Linked In: https://tt.linkedin.com/in/antoinette-sydney-77093550

Instagram: https://www.instagram.com/asydneygrouptt/?hl=en

Facebook: https://www.facebook.com/sydneygrouptt/

Youtube: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

I am a Certified Professional in the following areas:

Taxation;

Corporate Training;

Anti-Money Laundering and Financial Crimes;

Fraud Risk Management;

Graphic Design.

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Get my Ebooks now!!!  only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

  • How to Change the Business Name of a Sole Trader
  • How to De-Register a Sole Trader Business
  • How to Register a Partnership
  • How to Change from a Sole Trader Business to a Limited Liability Company
  • How to Register a Limited Liability Company
  • How to Change the name of a Limited Liability Company
  • How to Dissolve a Limited Liability Company
  • How to Register an External Company
  • How to prepare Annual Returns for an External Company

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How to Dissolve a Limited Liability Company.

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