What is the FIU?AML Compliance Consultants

The FIU is the  primary institution for the collection of financial intelligence and information and the analysis, dissemination, and exchange of such financial intelligence this will also include information among law enforcement authorities, financial institution and listed businesses

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What does the FIU do?

1.Acts as an autonomous independent body to serve as a national centre for the collection, analysis and dissemination of financial intelligence and information.

2.The FIU functions as a specialised intelligence agency for the receipt and analysis of STRs/SARs) and the dissemination of financial intelligence and information.

3.FIU acts as a Supervisor to monitor specified Supervised Entities and enforce compliance of AML/CFT (AML/CFT) obligations.

4.The FIU does not engage in investigative action, which is conducted by the Law Enforcement Authorities (LEAs).

The Author is an attorney at law based in Trinidad. She specializes in Anti Money Laundering and Financial Crimes. She is also an Internationally Certified Fraud and Risk Management Professional.

Website :http://asydneygroup.com

Contact 868 373-1166

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Registration Form for Business Name : Sole Trader in Trinidad

There are  two steps in registering a business as a sole trader in Trinidad and Tobago namely:

  1. Application for Name Approval/Name Reservation and;
  2. Preparing and filing the Application for Registration by an Individual.

Call Sydney for further assistance 868 373-1166, website http://asydneygroup.com

1.The Name Approval / Name Reservation includes the applicant’s name, address, contact information, the proposed name of the business and the nature of the business.

The applicant signs the bottom of the form, however an incorporator, accountant or attorney at law can sign for and on behalf of the applicant only with respect to the Application for Name Approval.

The relevant fees are paid to the cashier and the receipt is stamped with the date of return for the applicant. This is usually five to seven working days. If the Registrar has an issue with the proposed name, a query will be placed on the application. When the applicant returns to collect the name search results, the query must be satisfied in writing. In the event that there are no queries, the applicant will collect the name approval and proceed the next step.

2.Preparing and filing the Application for Registration by an Individual.

At this juncture, the application for Registration by an Individual must be completed and submitted together with the name approval that was previously collected.  Details such as the business name, principal place of business, nature of the business, full name of the applicant must be included in this form. Only the applicant can sign this form and a copy of photo identification must also be submitted with the application to verify the signature of the applicant. The relevant fees are paid and the cashier issues a receipt with the stamped date for the applicant to return, usually five to seven working days. Once this application is approved, the certificate will be produced and ready for collection by the applicant.

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A.Sydney is an attorney at law by profession in Trinidad and Tobago. She specializes in AML/CFT/FIU  Compliance, Taxation and provides Corporate Secretarial Services.

Kindly explore the website for her portfolio of companies: http://asydneygroup.com .

Call or whats app 868 373-1166

Add her social media accounts:

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Linked In: https://www.linkedin.com/in/sydney-group-238922141

Updated 11th Feb 2019

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How to Register a Business as a Sole Trader in Trinidad and Tobago ?

There are  two steps in registering a business as a sole trader in Trinidad and Tobago namely: 

  1. Application for Name Approval/Name Reservation ;
  2. Preparing and filing the Application for Registration by an Individual.

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1.The Name Approval / Name Reservation includes the applicant’s name, address, contact information, the proposed name of the business and the nature of the business. 

The applicant signs the bottom of the form, however an incorporator, accountant or attorney at law can sign for and on behalf of the applicant only with respect to the Application for Name Approval.

The relevant fees are paid to the cashier and the receipt is stamped with the date of return for the applicant. This is usually five to seven working days. If the Registrar has an issue with the proposed name, a query will be placed on the application. When the applicant returns to collect the name search results, the query must be satisfied in writing. In the event that there are no queries, the applicant will collect the name approval and proceed the next step.

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2.Preparing and filing the Application for Registration by an Individual.

At this juncture, the application for Registration by an Individual must be completed and submitted together with the name approval that was previously collected.  Details such as the business name, principal place of business, nature of the business, full name of the applicant must be included in this form. Only the applicant can sign this form and a copy of photo identification must also be submitted with the application to verify the signature of the applicant. The relevant fees are paid and the cashier issues a receipt with the stamped date for the applicant to return, usually five to seven working days. Once this application is approved, the certificate will be produced and ready for collection by the applicant.

Updated 25th September 2019

Ebooks available for only $100TTD !

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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.

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. Her entire Law Practice is based Online using technology. Client meetings are conducted at mutually convenient meeting points. 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.

Check out my Online Companies: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

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

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

Instagram: @asydneygrouptt

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.

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PEP Talk: Why do Financial Institutions ask if you are a Politically Exposed Person (PEP):AML Compliance Consultants

Do you recall being asked whether you are a Politically Exposed Person (PEP) on an application form to open a new deposit account with your financial institution? Welcome to the club! I erroneously interpreted this question as the bank’s attempt to determine my political alignment. Knowledge has since found me and enlightened me. I have been forgiven of my blissful ignorance and I am not afraid to tell you about the good news of the banks’ rationale in seeking to determine whether a potential customer is a PEP.

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What are PEPs?

Politically Exposed Persons (PEPs) are those individuals presently or formerly holding a powerful local or foreign public position, and family members and close associates of that individual.[1]

PEPS are classified according to the potential risks involved[2].

High Risk – Level 1 PEPs

Heads of state and government;

Members of government (national and regional);

Members of Parliaments (national and regional);

Heads of military, judiciary, law enforcement and board of central banks;

Top ranking officials of political parties.

Medium-High Risk – Level 2 PEPs

Senior officials of the military, judiciary, and law enforcement agencies;

Senior officials of other state agencies and bodies and high ranking civil servants;

Senior members of religious groups;

Ambassadors, consuls, high commissioners.

Medium Risk – Level 3 PEPs

Senior management and board of directors of state-owned businesses and organisations – e.g. Chairman of a Bank

Low Risk – Level 4 PEPs

Mayors and members of local county, city and district assemblies

Senior officials and functionaries of international or supranational organisations

Why are PEPs high risk clients to a Financial Institution?

PEPs are potential targets for bribes due to their prominent position in public life. They have a higher risk of corruption due to their access to state accounts and funds[3]. The FIU has warned that it is not to be assumed that all PEPs are involved in criminal activity. Not all PEPs have acquired wealth through illicit means; many entered public life with a substantial net worth. Not all PEPs are corrupt, but they are vulnerable to bribery and corruption at hands of well dressed criminal elements desirous of furthering their nefarious  activities. PEPs are in envious positions to award lucrative contracts and many criminals long for such friends in high places. PEPs pose a substantial risk to the financial institutions and FATF[4] issued guidelines on dealing with same.

PEPs and Money Laundering

Corrupt PEPs may abuse their power and exploit the regulatory difference between jurisdictions to facilitate the laundering of corruption proceeds and/or illegally diverted government, supranational or aid funds[5].

How do Financial Institutions combat money laundering risks posed by PEPs?

Financial Institutions ought to regularly monitor PEPs.

Guidance on dealing with PEPs[6]

Recommended actions institutions should take:

Identify the PEP from within the customer base;

Identify the country associated with the PEP;

Identify the type of business, industry, personal financial situation of the PEP (this is basic Know Your Customer information);

Identify the PEP’s affiliations, employment, associations, etc. Develop a profile of the PEPs transactions;

Determine if the transactions are as expected by comparing the actual transactions to what is known about the PEP;

Identify and investigate transactions that are outside the norm, or which are high-risk.

General Guidelines on dealing with Foreign PEPs[7]

With respect to foreign PEPs ,the financial institution must perform Enhanced Due Diligence (EDD) on same and  monitor the activities of the foreign PEP  to understand the following:

Source of Funds;

Source of Wealth;

Transactions;

Differences in sums actual deposited compared to expected sums.

In closing, I hope that you in turn spread the wonderful news about the banks’ reasoning behind asking whether a customer is a PEP . That’s all for PEP Talk people.

The author is an attorney at law based in Trinidad. She has specialized in Anti Money Laundering and Fraud Risk Management.. Please call 868 373-1166 for a Consultation. Website http://asydneygroup.com

Services;

AML Training;

AML Audits;

AML Consulting;

Compliance Program

Sources:

[1]https://www.lexisnexis.com/legalnewsroom/taxlaw/b/federaltaxation/archive/2014/05/21/politically-exposed-persons-peps.aspx#sthash.agZvV1eB.dpuf

[2] https://complyadvantage.com/fatf-definition-of-pep/

[3] http://www.aic.gov.au/publications/current%20series/tandi/381-400/tandi386.html

[4] http://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdfhas

[5] http://www.aic.gov.au/publications/current%20series/tandi/381-400/tandi386.html

[6]http://www.bankinfosecurity.com/politically-exposed-persons-tips-for-how-financial-institutions-should-handle-a-873

[7]http://www.bankinfosecurity.com/politically-exposed-persons-tips-for-how-financial-institutions-should-handle-a-873