Enhanced Due Diligence Measures for Politically Exposed Person (PEPs) according to Regulation 20 the Financial Obligations Regulations (FORs) in Trinidad

  1. Ensuring that appropriate risk-management systems are in place to determine whether the customer or the beneficial owner is a Politically Exposed Person (PEP), or immediate family member or close associate of a PEP (Regulation 20 (2). You may consider investing in software that will allow you to enter the name of the customer of the beneficial owner and then the software will reference this name against PEP lists, Sanctions lists.
  2. Obtaining senior management approval BEFORE establishing (continuing, for existing customers) the business relationship (Reg 20 (4). The rationale is to inform senior management that there is Politically Exposed Person (PEP) who is desirous of conducting business with your entity. Management can make a decision whether to accept or reject this PEPs business.;
  3. Ensuring that reasonable measures are taken to determine the source of wealth and source of funds (Reg. 20 (5). Source of funds refers to the origin of and activity that generated of the money that will be used to compete the purported transaction. Source of wealth refers to the entire body of assets that potentially generate income for the PEP.;
  4. Conducting enhanced on-going monitoring of the business relationship (Reg. 20 (5) The regulated entity must from time to time conduct searches to see if there has been any adverse news in the media about the PEP such as charges or conviction for bribery or corruption or financial crimes.

About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.

Order her new eBook now: How to Hustle from Home: 50 Success Secrets
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Website: www.asydneygroup.com

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Disclaimer:
The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.

No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.

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Process to escalate a Suspicious Activity Report STR/SAR to Compliance Officer

Staff will submit a written internal Suspicious Activity Report or Suspicious Transaction Report (SAR/STR) to the Compliance Officer.

After an internal SAR/STR is submitted to the Compliance Officer(CO) ,  and the CO determines whether the SAR/STR should be submitted to the FIU.

 The FIU cannot speculate the criminal offence it must be explicitly stated.

The internal SAR is a version of the FIU’s SAR/STR template, it is usually a form contained in the Compliance Program.

The Compliance Officer relies on the in the internal SAR so the intelligence provided by frontline staff is crucial.Intelligence goes from employee to the Compliance Officer, then Compliance Officer to the Financial Intelligence Unit.

About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.

Order her new eBook now: How to Hustle from Home: 50 Success Secrets
Get a free sample of two chapters here
https://linktr.ee/asydneygrouptt

Website: www.asydneygroup.com

Email: sydney@asydneygroup.com

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: http://www.youtube.com/c/AntoinetteSydney

Disclaimer:
The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.

No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.

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What do I need to open a company bank account for a Limited Liability Company (LLC) in Trinidad and Tobago?

The general requirements to open a company bank account for a Limited Liability Company are:

1.Certificate of Incorporation;

2. The Incorporation documents, these are Forms 1,4,8,27,

3.Most Recent Annual Returns;

4.Two valid forms of Government issued, photo identification for each director;

5.A utility bill in your name, if the bill is not in your name, you will need an authorization letter from the person whose name appears on the utility bill and a copy of their unexpired Government issued photo identification. I am always telling my clients to get a utility bill in their name. See my YouTube video where I explain the importance of this.

6.A Company Stamp with your registered company name on it.

7.Special letters such as a letter of request, a letter requesting online banking.

8.Cash Flow Projections for three years.

9.Some banks require a Board of Inland Revenue (BIR) number each director and for the conmpany;

10.By-Laws, if applicable.

11.Additional documents such as F.I.U (Financial Intelligence Unit) Registration.

Other documents may be required according to the sector that you operate in.

Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.

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: http://www.youtube.com/c/AntoinetteSydney

Disclaimer:
The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.

No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.

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