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AML/CFT Legislation in Barbados

AML/CFT Legislation in Barbados

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Regulatory Body of Barbados

AMLA - The Anti-Money Laundering Authority

(AMLA) is the body established under the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 to supervise Barbados’ financial institutions  and Designated Non-Financial Businesses & Professions (DNFBPs) in an effort to prevent money laundering, terrorist financing and proliferation financing.

FIU  - The Financial Intelligence Unit ​

The Financial Intelligence Unit (FIU) of Barbados is responsible for the day to day work of the Anti-Money Laundering Authority (AMLA).

How to comply with AML/CTF regulations in Barbados

The Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 establishes a series of duties for financial institutions, non-financial business entities, professionals and certain other persons. These include:

1. Identification of customers.

2. Ongoing due diligence of transactions made in the course of business arrangements, to determine whether these are consistent with the knowledge available of the relevant customer, his commercial activities, if any, risk profile and, when required, the source of his funds.

3. Duty to keep records of business transactions and obtained evidence of identity of a person, for at least 5 years from the termination of the business arrangement or the transaction, where the transaction is an occasional one.

4. Development of internal policies to combat money laundering and financing of terrorism, audit functions to evaluate such policies and a procedure to audit compliance with the Act.

5. Development of internal reporting procedures, identifying a person to whom an employee is to report any information that gives rise to knowledge or suspicion that another person is engaged in money laundering or the financing of terrorism.

6. Internal employee training and awareness programs on the laws of Barbados relating to AML/CTF and on the recognition and handling of transactions involving money laundering or the financing of terrorism.

What are my AML/CTF reporting obligations

The Entities have to monitor and report to the Director of the Financial Intelligence Unit:

1. Any business transaction where the identity of the person involved, the transaction or any other circumstance gives the entity or any officer or employee of the entity reasonable grounds to suspect that the transaction:

a. Involves proceeds of crime

b. Involves the financing of terrorism

c. Is of a suspicious or unusual nature

d. Is conducted by, or relates to, a person against whom a terrorist designation or a counter-proliferation designation order is in force or relates to the property of such a person.

2. Any exchange of currency or instruction for the transfer of international funds, whether by telegraph or wire, into and out of Barbados, where the transaction appears to be of a suspicious or an unusual nature.

The entities must also report any transfer of Barbadian currency or foreign currency into or out of Barbados, where it is more than $10,000 in value, to:

  • The Comptroller of Customs, where the transfer affected by a person taking the currency out of or bringing the currency into Barbados on his person, in his luggage or as cargo; or
  • The Director of the Comptroller, in any other case.

Where a report under this section is given to a customs officer, the officer will forward the report to the Director of the FIU.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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