In Trinidad and Tobago, for the purposes of completing a Source of Funds Declaration (SOFD) a large transaction is now $50,000TTD according to Legal Notice No. 356 of 2019.
The Miscellaneous Provisions (Proceeds of Crime and Central Bank) Act No 22, 2019 has amended Section 55 (3C) of the Proceeds of Crime Act Chap. 11:27 (POCA) and Regulation 11 (1) of the Financial Obligations Regulations (FORs), 2010.
It follows that your Anti-Money Laundering/Countering the Financing of Terrorism Proliferation Financing Compliance Program must be updated to reflect this change. A suspicious transaction can also be below this $50,00 threshold and reporting entities can file Suspicious Transaction Reports for transactions that fall below this amount.
I am Antoinette Sydney, LLB LEC CAMLFC CFRMP the first Online Lawyer based in Trinidad and Tobago. I specialise in Corporate Law and Financial Crimes.
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
Call/Whatsapp to book an appointment 868 373-1166. Consultation fee is $300 TTD per hour.
I am a Certified Professional in the following areas:
Anti-Money Laundering and Financial Crimes;
Fraud Risk Management;
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
#amlexpert #antoinettesydney #sydneygroup #trinidadonlinelawyer #asydneygroup.com #trinidad #company #companies #lawyer #caribbean #aml #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer