AML/CFT

Overview

Anti-Money Laundering & Countering the Financing of Terrorism

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

Financial institutions (FIs) regulated by the FSC are required to put in place 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 FSC Guidelines.

FIs should refer to the AML/CFT 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 framework. The FATF Guidance was developed in partnership with the private sector and reflects expertise and good practices from within the industry.