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.
The Compliance Officer is the primary liaison with the FIU . The identities of the Compliance and Alternate Compliance Officers must be held with the strictest confidence.
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The duties of the Compliance Officer include:
a)Creating, monitoring and updating the AML/CFT Compliance Programme to ensure continuous compliance with the legal framework. The internal controls and policies therein must be implemented by the CO.
b)Receiving and assessing SAR/STR reports made by staff members.
c) Reporting SARs/STRs to the FIU using the Suspicious Activity/Transaction Report Form within fourteen (14) days of the suspicious transaction being detection.
d)Maintaining records of internal SARs/STRs from staff.
e)Maintaining a register of of SARs/STRs filed with the FIU.
f)Maintaining Customer Due Diligence records and transactions;
g) Monitoring the FATF list of high risk individuals and legal entities and Non-Cooperative Countries and Territories (NCCTs).
h)Monitoring the United Nations ISIL Da’esh & Al Qaida List (UN 2253 List) for persons identified as terrorists or involved in terrorist activity.
i)Provide training to all members of staff.
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.
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.
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The author is the first Online Lawyer based in Trinidad and
Tobago. She specialises in Anti-Money Laundering Compliance.
The funding of terrorism involves providing funds from both legal (personal donations and profits from businesses and charitable organizations ) and or illegal sources (the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion), directly or indirectly or knowing that the monies are to be used to finance terrorism activity or organizations according to FINTRAC.
It follows that Countering the Financing of Terrorism refers to all the efforts to counter this.
Please Whatsapp 868 373-1166 for all your Anti-Money Laundering Compliance needs.
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
ACO is an acronym for “Alternate Compliance Officer”.
Every listed business in Trinidad and Tobago is required to have an Alternate
Compliance Officer as well as a Compliance Officer (CO).
The ACO acts as the liaison with the FIU only when the CO is on vacation or unavailable for an extended period of time.
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For all your AML/FIU Compliance needs contact 868 373-1166
Generally training is conducted at least once per year. However for the front line employees training may be done quarterly, especially for those employed in a financial institution.
For free Anti Money Laundering Training videos check out my Youtube Channel.
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The Author is an attorney at law based in Trinidad and Tobago. She specializes in Anti Money Laundering and Financial Crimes.
My free Anti Money Laundering Training for 2019 has been uploaded on Youtube. No tricks, just free. I realised the need for free Anti Money Laundering Training especially for owners of local businesses. These listed businesses are required to make arrangements for annual training of all staff and bear the cost of same.
I have prepared this free training in order to satisfy the requirement for Anti Money Laundering Training as mandated by Regulation 6 of the Financial Obligations Regulations, Proceeds of Crime Act in Trinidad and Tobago.
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These free training sessions have been specifically tailored for listed businesses such as car dealers, real estate agents, insurance agents, lawyers, accountants, casinos, jewelers in Trinidad and Tobago and the Caribbean.
This comprehensive FREE Training:
Defines Money Laundering:
Defines Anti Money Laundering;
Explains the 3 Stages of Money Laundering;
Discusses the Financial Intelligence Unit;
Explains Terrorist Financing;
Identifies Red Flags of Terrorist Financing;
An electronic copy of a Certificate of Attendance can be requested via email.
Other Services offered (Paid Services) :
Specialized Training offered for Front Line Employees, Managers, the Board of Directors;
External AML Audit;
Drafting Compliance Programs.
The author is an attorney at law in based in Trinidad, she has a specialized practice in Anti Money Laundering and Financial Crimes. Call or whatsapp 868 373-1166 and see website http://asydneygroup.com
