AML/CFT

Overview

Anti-Money Laundering/Counter Financing of Terrorism/Counter- Proliferation Financing (AML/CFT/CPF)

The Commission supports regional and global efforts to combat money laundering, terrorism financing and proliferation financing. As a participant in the Financial Action Task Force (FATF) Plenary meetings and as a participant and member of the Caribbean Financial Action Task Force (CFATF), the Commission is engaged in the sharing of best practices and other activities designed to strengthen support for member countries' anti-money laundering/counter-terrorist financing/counter-proliferation financing (AML/CFT/CPF) regimes.

Financial institutions (FIs) regulated by the Commission are required to implement robust controls to detect and deter the flow of illicit funds through Barbados’ financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction. The requirements on financial institutions are set out in the AML/CFT/CPF Financial Services Commission Guidelines 2021. FSC Guidelines.

FIs should refer to the AML/CFT/CPF Guidelines and Reminders for good practices and other news. FIs are also encouraged to refer to the sector-specific FATF Guidance where appropriate for them, when reviewing the effectiveness of their AML/CFT/CPF framework. The various FATF Guidance documents were developed in partnership with the private sector from various countries and reflect expertise and good practices from within the industry.