Barbados’ AML/CTF supervisors
A body created by the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23, is responsible for monitoring Barbados' financial institutions and Designated Non-Financial Businesses & Professions (DNFBPs) to stop money laundering, terroristm financing, and proliferation financing.
The day-to-day operations of Barbados' Anti-Money Laundering Authority are handled by the Financial Intelligence Unit (FIU).
How do you comply with AML/CTF regulations in Barbados?
Financial institutions, non-financial business entities and professionals, and certain other people are all subject to several obligations under the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23. These consist of:
Constantly reviewing transactions completed during business agreements to see if they are in line with information about the relevant customer, his potential commercial activities, risk profile, and, if necessary, the source of his finances
Retaining records of the transaction for at least 5 years from the conclusion of the business arrangement or transaction, when a business transaction is sporadic
Creation of internal policies to fight money laundering and terrorism financing, auditing of these policies, and a process to check that the Act is being followed
Creation of internal reporting guidelines that specify who employees should contact, and any information that leads to information or suspicion that another individual is involved in money laundering or terrorism financing
Internal training and awareness programs for staff members regarding Barbados' AML/CTF laws, as well as how to spot and handle transactions involving money laundering or terrorism financing
What are my AML/CTF reporting obligations?
Regulated entities are required to monitor the following subjects and report to the Director of the Financial Intelligence Unit.
Any business transaction if the company or any officer or employee of the entity has reasonable grounds to suspect the transaction is unlawful due to the identities of the parties involved, the nature of the transaction, or any other factor that:
- Involves the sale of stolen goods
- Entails supporting terrorism
- Is suspicious or out of the ordinary
- Is carried out by, pertains to, or concerns a person for whom a counter-proliferation designation order has been issued, or concerns that of that person's property
Any currency exchange or order for the movement of foreign cash into or out of Barbados, whether by telegraph or wire, where the transaction seems suspicious or out of the ordinary. Additionally, the entities are required to notify the following parties of any transfer of Barbados currency or foreign money worth more than $10,000 into or out of Barbados:
- When someone transfers money while carrying it on them physically, in their luggage, or as cargo, the Comptroller of Customs is responsible
- In all other situations, the Director of the Comptroller is responsible
If a customs officer receives a report pursuant to this provision, the officer shall forward the report to the Director of the FIU.