The Supervisory Authorities (Trinidad and Tobago Securities and Exchange Commission, Central Bank of Trinidad and Tobago and Financial Intelligence Unit of Trinidad and Tobago) developed a draft policy paper to introduce an administrative monetary fine (AMF) framework for contraventions of AML statutory requirements.

The Trinidad and Tobago Securities and Exchange Commission is seeking comments from its registrants on the Draft Policy which is available here.  The Draft Policy sets out the process by which the Supervisory Authorities can provide written notice offering the regulated person the opportunity to discharge the liability for the contravention, by paying the applicable AMF and by remedying or discontinuing the contravention.  Kindly submit your comments by January 21, 2022.

Draft Policy Paper – Introduction of Administrative Fines for AML Breaches