A Compliance Program (CP) is a manual that contains the internal policies and procedures of a listed business. The Know Your Customer (KYC) forms are attached as appendices to the compliance program.
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What are the key elements of a Compliance Program?
The staring point is that there must be a risk based approach in the Anti-Money Laundering (AML) Compliance Program.
The four (4) pillars of an effective Anti-Money Laundering (AML) Compliance Program are:
The development of internal policies, procedures, and related controls;
The designation of a competent and qualified Compliance Officer;
Ongoing AML training for all staff, directors of the listed business;
Independent review of the Compliance Framework by a competent and qualified AML auditor.
Yes we create Compliance Programs!!
The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.
An Intelligence Report is a report forwarded by the FIU to the various branches of the TTPS. This report is based on intelligence obtained from Suspicious Activity Reports (SARS) .
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The author is the first Online Lawyer based in Trinidad and
Tobago. She specialises in Anti-Money Laundering Compliance.
CU is an acronym for Credit Union. Credit Unions are governed by the Central Bank of Trinidad and Tobago as well as the Financial Intelligence Unit (FIU).
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The author is the first Online Lawyer based in Trinidad and
Tobago. She specialises in Anti-Money Laundering Compliance.
SOW is an acronym for Source of Wealth. Source of Wealth refers to the origin and the activity that generated your entire body of wealth. As distinct from Source of Funds that is concerned with the funds used for the particular transaction.
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The author is the first Online Lawyer based in Trinidad and
Tobago. She specialises in Anti-Money Laundering Compliance.
FATCA is an acronym for Foreign Account Tax Compliance Act and it was introduced by the United States Government in 2009 to ensure that U.S. persons with financial assets outside of the United States are paying U.S taxes .
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What is the rationale behind introducing FATCA legislation?
The main objective is to obtain information on U.S. persons who may have financial assets outside of the U.S, or those U.S. persons who may be investing and earning income through financial institutions outside the United States.
Who is affected by FATCA?
U.S. citizens or U.S. registered businesses such as limited liability companies, trusts, partnerships, estates;
US individual residents, including US Green Cardholders;
US individuals who own certain foreign financial accounts or other offshore assets;
Local businesses/companies that have U.S. ownership;
FFIs- any non U.S. financial institution (an institution that accepts deposits, invests, trades securities).
What are financial Institutions required to do with respect to FATCA?
Undertake certain identification and due diligence procedures involving new customers desirous of opening new accounts;
Report annually to the Internal Revenue Service (IRS) information on customers who are U.S persons or foreign entities with substantial U.S. ownership;
Close accounts of certain customers who do not wish to cooperate with the new FATCA requirements including;
(a) Non-participating financial institutions or ;
(b) Customers who fail to provide sufficient information to determine whether or not they are a U.S. person.
Who is a U.S. person for the purposes of FATCA?
A citizen or resident of the United States, including a green card holder;
A partnership, corporation, estate, trust incorporated or created under US law (US incorporated entity);
A non U.S. incorporated entity having substantial ownership held by –an individual who was born in the US or is a US citizen/resident (including a green card holder) or has a US address or a US mailing address;
A U.S. incorporated entity.
How would I know if I am a U.S. Person under FATCA?
The following are captured in this definition:
U.S. resident or citizen including US Green Card holders;
U.S. Place of Birth;
U.S. home or mailing address;
Only address is a U.S. PO Box, C/O mail address
Power of attorney or signing authority having U.S. address
A U.S. telephone number;
Standing order to transfer funds to an account in the U.S.
What are the FATCA forms?
There are various FATCA forms that are to be completed by the Applicant:
U.S. Person Status Form (Individuals only);
Non US Person Declaration;
Non US Person /Letter of Explanation of US Address;
Waiver of Confidentiality/Data Protection for US Person.
Ebooks available for only
$100TTD !
Payment through Paywise
and Paypal!
Ebooks on Sale:
How to Register a Sole
Trader;
How to De-Register a Sole
Trader;
How to Register a
Partnership;
How to Change from a Sole
Trader to a Limited Liability Company Trinidad;
How to Dissolve a Limited Liability Company.
The author is the first Online Lawyer based in Trinidad and
Tobago. She specialises in Anti-Money Laundering Compliance.
AML is an acronym for “Anti-Money Laundering”. Anti-Money Laundering refers to the laws and regulations that mandate supervised entities to implement measures to prevent, detect and report money laundering.
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Whatsapp 868 373-1166 for all your AML Compliance needs.
Have you been selected for the position of CO in the company? I assure you that it is not a ceremonial position.
We Provide Compliance Officer outsourcing services, request a quotation today Whatsapp 868 373-1166 , Website http://asydneygroup.com
CO is an acronym for “Compliance Officer”. This is someone with a background in law, finance, management, insurance, accounting who will ensure that your company follows all the laws and regulations with respect to anti-money laundering.
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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.
She is a Certified Professional in the following areas:
Anti-Money Laundering and Financial Crimes;
Taxation;
Corporate Training;
Fraud Risk Management;
Graphic Design.
Ebooks available for only
$100TTD !
Payment through Paywise
and Paypal!
Ebooks on Sale:
How to Register a Sole
Trader;
How to De-Register a Sole
Trader;
How to Register a
Partnership;
How to Change from a Sole
Trader to a Limited Liability Company Trinidad;
SOF is an acronym for Source of Funds. Source of funds refers to the origin of the particular funds or other assets which are the subject of the business relationship between the client and the financial institution or listed business. (e.g., the amounts being invested, deposited, or wired as part of the businessrelationship).
The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.
NPO is an acronym for “Non-Profit Organisation”. This is an institution that is designed to pursue a certain purpose. The focus is not on making a profit as distinct from a limited liability company.
In Trinidad and Tobago, there is no comprehensive law governing NPOs and they are often abused and used to finance terrorism.
For all your AML/FIU Compliance Needs Whatsapp 868 373-1166
