Friday 3 July, 2020

FIU to financial institutions: ID customers by name, address, jobs

The Financial Intelligence Unit of Trinidad and Tobago (the FIUTT) has issued a public notice with regard to the Anti-Money Laundering and Anti-Terrorism Laws and Regulations mandate which requires financial Institutions and listed businesses to identify their customers, clients and members by name, address, occupation, nationality, valid government-issued identification (Passport, ID card, Driver's Permit) and other relevant information. 

Business customers are also advised that they are required to provide the certificate and articles of incorporation, continuance or certificate of registration of the business entity, information on the identity of directors, beneficial owners, substantial shareholders, audited/management accounts and other relevant information. 

Customers, clients and members are also required to state the purpose of the proposed business relationship or transaction and the sources of all their funds. 

According to acting Director of the FIUTT, Nigel Stoddard, financial institutions and listed businesses are required by Law and Regulations (Proceeds and Crime Act, Chap 11:27 and the Anti-Terrorism Act, Chap 12:07) to request all customers, clients and members to provide this information. 
 

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