Download presentation
Presentation is loading. Please wait.
Published byEustacia Reeves Modified over 8 years ago
1
Financial Intelligence Agency of the Turks and Caicos Islands (FIA- TCI) Presenter: Dwayne Baker, CAMS Director FIA- TCI March 24 th 2015 - 10 th CFATF AML/CFT Compliance Conference Regent Palms Resort, Providenciales Turks & Caicos Islands “AML/CFT Preventative Measures and Suspicious Activity Reporting”
2
Objectives List and describe preventative and additional measures put in place by TCI authorities for specific sectors. Discuss Suspicious Activity/ Transaction Reporting – its importance and your legal obligation.
3
Areas of Focus (Preventative and Additional Measures) Politically Exposed Persons Correspondent Banking Money Transfer Services New Technologies Wire Transfers
4
Politically Exposed Persons (PEPs) Who is a PEP? Any consideration for Relatives? How about associates? Is any information available? Do I have to take any special measures when dealing with a PEP? Have any additional measures been implemented?
5
Correspondent Banking Safegaurds – Shellbanks? …NO More on what the regulations stipulate…
6
Money value Transfer Services Licensed and regulated Guidelines Training and awareness
7
New Technologies & Wire Transfers Regulations Wire Transfers and DNFBPs
8
Suspicious Activity/ Transaction Reporting SAR/STR Your Obligations What’s available on this topic?
9
Who Reports?
10
SAR/STR Confidentiality – POCO Sec. 113 (1) No person, including a member, alternate member, employee or agent of the Reporting Authority and a person appointed to assist the Reporting Authority under section 108(3) shall disclose any information or matter that he acquires as a result of his connection with the Reporting Authority except as required or permitted – (a)by this Ordinance or any other enactment; or (b)an Order of the Supreme Court. (2) Subsection (1) does not apply to a person who discloses any information or matter with the authority of, and on behalf of, the Reporting Authority. (3) A person who contravenes subsection (1) is guilty of an offence and is liable— (a) on summary conviction to imprisonment for a term not exceeding twelve months or a fine not exceeding $10,000 or both; or (b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine of $50,000 or to both. (Amended by Ord. 19 of 2010)
11
Tipping Off Importance of staff training and awareness Manuals and Policies required to be in place.
12
Wrapping up. -Legislation, Code and Regulations Provide framework; implementation and effectiveness require checks and monitoring. - The AML/CFT regime is here to stay. It is important that stakeholders and reporting entities keep updated on changes and increased requirements
Similar presentations
© 2025 SlidePlayer.com. Inc.
All rights reserved.