Money Laundering is the method by which criminals disguise the illegal origin of their wealth and introduce it into the financial system. The offence of Money Laundering is an indictable offence under section 42A. (2) of the Proceeds of Crime Act Ch 11:27, and is defined under section 43 of the said Act as follows:
A person is guilty of an offence who conceals, disposes, disguises, transfers, brings into Trinidad and Tobago or removes from Trinidad and Tobago any money or other. property knowing or having reasonable grounds to suspect that the money or other property is derived, obtained or realised, directly or indirectly from a specified offence.
AML is therefore the process by which individuals or institutions/authorities detect tainted funds being introduced to the financial system, and report these suspicious transactions to the supervisory bodies (Central Bank of Trinidad and Tobago and the Financial Intelligence Unit of Trinidad and Tobago). BAT is expected to implement appropriate countermeasures against money laundering as part of its overall risk management regime.
The Proceeds of Crime Act 2000 Chapter 11:27 criminalizes offences associated with receiving and failing to report
suspicious transactions or property and the alerting of customers to scrutiny (‘tipping off’).
Customers are reminded that BAT is obligated to request the following KYC (Know Your Customer) documentation from its customers in accordance with Regulation 15 of the Financial Obligations Regulations 2010 as amended:
(a) full name of the applicant(s):
(b) valid passport, national identification card or driver's licence shall be proof of identification
(c) permanent address and proof there of:
(d) date and place of birth:
(f) nature and place of business/occupation where applicable:
(g) occupational income where applicable:
(i) purpose of the proposed business relationship or transaction and source of funds; and (N.B. Where the transaction is $60,000.00 or more, the customer must complete a Source of Funds Declaration form, available from the Company).
(j) Where the business relationship involves a foreign customer a reference shall be sought from the foreign customer's bank
(k) any other information deemed appropriate by the financial institution or listed business.
In the case of a business customer or self employed person, the following documentation shall be required, in addition to the information requested of an individual customer [Regulation 16]:
The financial institution or listed business shall verify the identity of the directors and other officers of a company, partners of a partnership, account signatories, beneficial owners and sole traders by means of documentary evidence.
In addition, the financial institution or listed business shall obtain, to the extent relevant to a proposed business relationship or transaction
(a) the Certificate of Incorporation or Certificate of Continuance; The financial institution or listed business shall verify the identity of
(b) the Articles of Incorporation;
(c) a copy of the bye-laws, where applicable;
(d) management accounts for the last three years for self-employed persons and businesses which have been in operation for more than three years; and
(e) information on the identity of shareholders holding more than ten per centum of the paid up share capital of the company.