The most important obligation of a listed business is to register with the Financial Intelligence Unit (FIU) .The following represents a list of other obligations:
1.To report suspicious transactions and activities
2.To obtain and verify customer information in accordance with Regulations 15 and 16 of the Financial Obligations Regulations (FORs) ;
3.To keep records of customer information for 6 years (Regulation 31 of the FORs);
4.To provide the FIU with a copy of those records once requested in writing;
5.To provide Law Enforcement Agencies with a copy of those records once requested in writing;
6.No tipping off in accordance with section 51 Proceeds of Crime Act (POCA);
7.To reference every customer’s name against the 3 Sanction lists (UN 2253 List, FATF List of Non- Cooperative Countries and Territories and the TT Consolidated List of High Court Orders .
8.To conduct Enhanced Due Diligence (EDD) on PEPS in accordance with regulation 20 of the FORs ;
9.To conduct an internal and external Anti Money Laundering Audit annually;
10.To attend AML training every year;
11.To conduct Due Diligence on new employees (KYE).
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP,is an author and entrepreneur based in Trinidad and Tobago.
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