When to file Quarterly Terrorist Report (QTR 1) VS Quarterly Terrorist Report (QTR2 )?

According to section 33 (3) of the Anti-Terrorism Act (ATA), Financial Institutions (FIs) must report to the Financial Intelligence Unit (FIU) every three (3) months:

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(a)if it is not in possession or control of terrorist property via Quarterly Terrorist Report (QTR) 1;

(b)if it is possession or control of terrorist property; and the particulars relating to the persons, accounts and transaction involved and the total value of the property, via Quarterly Terrorist Report (QTR) 2.

As seen above only Financial Institutions must file the QTR1 and QTR2. Listed Businesses do not file QTR1 and QTR2.

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

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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 It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date.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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New $50,000 Source of Funds Declaration (SOFD) threshold in Trinidad and Tobago

In Trinidad and Tobago, for the purposes of completing a Source of Funds Declaration (SOFD)  a large transaction is now $50,000TTD according to Legal Notice No. 356 of 2019.

The Miscellaneous Provisions (Proceeds of Crime and Central Bank) Act No 22, 2019 has amended Section 55 (3C) of the Proceeds of Crime Act Chap. 11:27 (POCA) and Regulation 11 (1) of the Financial Obligations Regulations (FORs), 2010. 

It follows that your Anti-Money Laundering/Countering the Financing of Terrorism Proliferation Financing Compliance Program must be updated to reflect this change. A suspicious transaction can also be below this $50,00 threshold and reporting entities can file Suspicious Transaction Reports for transactions that fall below this amount.

About the Author: 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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

#amlexpert #antoinettesydney #sydneygroup  #trinidadonlinelawyer #asydneygroup.com #trinidad #company #companies #lawyer #caribbean #aml #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

Carrying on the legacy: Children who take an interest in the family business

I always notice when I see children helping their parents in the family business. Sometimes I am even impressed when the children are actually selling or serving customers.

This allows children to develop many skills such as selling, communication, customer service. These children can carry on the family business or chose to go n their separate paths.

In Trinidad I learned that different tribes of people leave a legacy for their children to inherit while others are indifferent.

“I asked my father for the tools to start my business” he exclaimed as we waited outside the bank waiting for 8:00 a.m. He was glad that his father provided him with the equipment and implements to start his air conditioning installation business. He was looking for an audience ,even one listening ear as we waited. He lamented that parents now are so bent on seeing their children struggle to “earn their stripes”. He considered this to be foolishness because to do this deprives children of getting a head start in life.

I listened as a friend brag ut how many wigs she owned. She valued them to be around $15,000 TTD. My stomach turned. I wondered what her children would do with this. Imagine if this was in mutual funds or actually invested in a wig business that she could pass down to her children.

About the Author: 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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

#legacy #time #children #kids #business #freedom #financial #freedom #independence #goals #hope #success #woman #empowerment #onlinebusiness #movement #hustlers #hihustlers #business #registration

Top 10 ways to Launder Drug Money through a Supermarket : Free Anti Money Laundering Training in Trinidad!! Must watch

“It was my first job,packing the groceries in bags and boxes at the supermarket. My supervisor handed me a brown paper bag and instructed me to take it upstairs accompanied by the security guard on duty at the grocery. I peeked inside the brown bag and there were coils of $100 notes in TTD cuurency. This was not the cash from the cash registers because there are set times where all the cashiers would clear their drawers. I delivered the bag upstairs as instructed and returned behind cash register #5 where I was placed for the page.” These were the words of my client. I told him that tomorrow he would appear before the Magistrate and would be asked if he pleaded guilty or not guilty to the charges.

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Is your local supermarket a front for a money laundering operation ? It is possible. Supermarkets are cash intensive businesses and many of them in Trinidad, do not accept Linx. There are other supermarkets that will even change your government issued disability checks as long as you purchase a few items.

Below are the Top 10 Ways to Launder Dirty Money using a Supermarket:

1.Use dirty cash as float or change to be used by cashiers to give to customers;

2.Use cash gained from illegal activities to pay suppliers such as fresh fruits and vegetables vendors,coconut water suppliers. Some suppliers accept cash only or even extend 7 days or 30 days credit to the supermarket;

3.Employees of the supermarket can be paid in cash weekly with the proceeds of crime. Most staff of a supermarket receive cash payments in brown a envelope;

4.Bags of dirty cash can be deposited into the supermarket’s business bank account as cash from sales;

5.Rent for the premises of the supermarket can be paid with dirty money;

6.Utilities such as electricity, internet and water can be paid with money obtained from illegal activities;

7.Accept checks from recipients of disability checks issued by the Government and pay them with cash gained from criminal activities;

8.Dirty Cash in small denominations ($10 bills, $20 bills) can be given to the cashier and she will exchange it with $100 bills, or just change the notes;

9. The grocery can sell items wholesale such as cigarettes and alcohol to a bar that is also owned by the proprietor of the supermarket ,dirty cash will be used for this purchase;

10.Cash can be accepted and fake invoices generated and the grocery issues a checks to the criminal.

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. 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.

ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO

Website: www.asydneygroup.com

Email: sydney@asydneygroup.com

Antoinette Sydney Bookings: https://antoinettesydneytt.as.me/

Consultation fee is $300 TTD per hour.

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

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

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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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What is Credit Card Skimming?

Credit card skimming is a type of credit card theft where a device is used to steal sensitive information when the card is used in a legitimate transaction. The device is called a skimmer and it reads the customers personal information that was stored on the magnetic strip of the card.

In Trinidad in 2019 persons were charged and convicted with being in possession of fraudulent ATM cards and large sums of cash knowing that the money was the proceeds of fraud and for the purpose of money laundering.

These defendants were non nationals who came to Trinidad armed with 182 fradualent ATM cards. They visited different ATMS and were withdrawing sums of money. They arised the suspicion of security personnel of financial institutions.

Law enforcement became involved and the defendants were detained and brought before the courts.

It seems that there is a large international network of cyber criminals who steal credit card information. At our ports of entry in Trinidad, officials are oftentimes unable to identify the skimming devices as they resemble smart phone accessories.

Persons may be making purchases at your company with fradulent credit cads! Want to know how to protect yourself?

Contact Sydney to receive Anti-Money Laundering Training.

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
https://gumroad.com/l/jHoyL
Get a free sample of two chapters here
linktree:https://linktr.ee/asydneygrouptt

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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

#aml #cft #antimoney #laundering #creditcard #skimming #pf #asydneygroup.com #antoinette #sydney #attorney #sydney #risk #consultant #trinidad #869 #caribbeanonlinelawyer #trinidadonlinelawyer #progress #masses #consultant

#aml #cft #antimoney #laundering #creditcard #skimming #pf #asydneygroup.com #antoinette #sydney #attorney #sydney #risk #consultant #trinidad #869 #caribbeanonlinelawyer #trinidadonlinelawyer #progress #masses #consultant

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What does PEP mean?

PEP is an acronym for Politically Exposed Person. The FATF Recommendations require the application of additional CDD to business relationship with PEPs due to the potential risk associated with PEPs.

This does not only refer to politicians but there are different categories of PEPs:

Category 1Foreign PEP;

Category2- Domestic PEP;

Category #3 -International Organizations;

Category #4-Immediate Family Category # 5- Close associate

About the Author: 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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

#businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

What is an AML 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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About the Author: 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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

#trinidadonlinelawyer #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos

How do you create Cash Flow Projections to open Business Business Bank Account ?

There are two important aspects of a Cash Flow Projection:

1.An estimation of the total income that the business will receive in 1 month;

2.An estimation of all the expenses incurred by the business in 1 month.

Income

In order to determine the income that your business generates, you should be keeping a great record of all the money that you receive. It can be as simple as having a receipt book or using an excel sheet to list the amount of money earned. It can be more sophisticated by using accounting software or an application on your phone. As a business owner you must keep track of all the cash earned in order to determine how to make improvements to ensure that the business is sustainable.

Expenses

You should also have a well maintained record of the money that you are spending to further the business. You may keep a folder to store all receipts and log the respective sums in it. You may find that some expenses are fixed and are incurred monthly. Some examples of expenses are travelling expenses, raw materials.

You will basically subtract your expenses from your income to show whether the business is making a profit or a loss.

About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP

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.

Website: www.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/

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#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

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.

How to use your Subconscious Mind to Accomplish Anything in Life ? MUST READ

Your subconscious is a silent observer of your thoughts,words and action . Your subconscious mind does not understand negative commands . Check your thoughts hourly , conduct a weekly audit to see if your thoughts are negative or positive .

Develop positive affirmations that are easy to remember . Purchase the beads used in meditation and repeat your chant at least 108x. Honestly believe that it will come to past ,eliminate all doubt in your mind. See yourself graduating with that degree ,imagine your spouse congratulating you on that new business .

Your subconscious mind will now bring it to reality . It is now important for you to avoid all negativity ,go on a news fast . It is done.

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
https://gumroad.com/l/jHoyL
Get a free sample of two chapters here
linktree:https://linktr.ee/asydneygrouptt

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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

What ARE the Benefits Of Incorporating A Company ??!!

1.A Company Bank Account Can Be Opened In Respect Of The Company;

2.The Company Can Enter Into Contracts;

3.Distinct Liability From The Directors.

4.Lasts Forever Whereas A Sole Trader Business Dies With The Individual

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: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

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.

#businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer