Category: Anti-Money Laundering

Central Bank authorizes two companies to issue electronic money in Trinidad and Tobago 🇹🇹

posted by Category: Anti-Money Laundering, CAB, CBDC, News 0 Comment

The Central Bank of Trinidad and Tobago (CBTT) says it has issued provisional registrations to two additional companies, including the Telecommunication Services of Trinidad and Tobago (TSTT) as electronic money (e-money) issuers. The CBTT said the provisional registration, which has also been given to PESH Money Limited (PESH), cover an initial six-month period and authorizes the two companies to issue e-money from March 1, 2023. “Under the terms of the registrations, both companies will be allowed to enlist new customers…

Caribbean Bankers Urged To Show Leadership

posted by Category: Anti-Money Laundering, CAB, CBDC, Correspondence Banking, COVID-19, FinTech, General, News 0 Comment

Saint Lucia, Tuesday, November 2nd, 2021: Nearly 150 Caribbean commercial bankers, private bankers, regulators, regional and international agencies, service and solution providers, and vendors convened online in recent days for CAB Conference 2021. For the first time, the Caribbean Association of Banks (CAB) Inc. organised the region’s foremost gathering for the financial services industry via a virtual fair, having met face-to-face in years prior. The event took place October 26-29, 2021. The theme of this year’s Conference – Beyond The Pandemic…

ECCB, Bitt Win Global Fintech Awards

posted by Category: Anti-Money Laundering, CAB, FinTech, News 0 Comment

A Caribbean financial technology partnership has been given global recognition. In March 2021, the Eastern Caribbean Central Bank (ECCB) launched the world’s first retail central bank digital currency (CBDC) within a currency union. DCash, as the CBDC is known, was developed and deployed in collaboration with Bitt, a global fintech company based in Barbados. Both the ECCB and Bitt were recognised on 16 June 2021, in Central Banking’s fourth annual FinTech RegTech Global Awards. The awards highlight official institutions’ success…

EU Blacklists Four Caribbean Territories, Saint Lucia Delisted

posted by Category: Anti-Money Laundering, Correspondence Banking, News 0 Comment

Saint Lucia, Friday, February 26th, 2021: The Council of the European Union (EU), on 22 February 2021, announced changes to the EU list of non-cooperative jurisdictions for tax purposes. Several of these changes affect Caribbean jurisdictions. Four territories in the region are on the “blacklist.” The status of Anguilla, Trinidad and Tobago, and the United States Virgin Islands remains unchanged from the last bulletin. According to the EU conclusion, unresolved issues with these countries may include the following: Not rated…

CARICOM decries “unilateral, arbitrary” EU blacklisting

posted by Category: Anti-Money Laundering, CAB, Correspondence Banking, COVID-19, FATCA, News, Uncategorized 0 Comment

The Caribbean Community (CARICOM) deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States. The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards. Moreover, the unquestioned use…

The FinCEN Files – A Caribbean Perspective

posted by Category: Anti-Money Laundering, Correspondence Banking, FATCA, News 0 Comment

On Sunday 20 September 2020, BBC News made public the findings of an investigation into the contents of thousands of documents which were leaked from the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to Buzzfeed News. In a matter of minutes, the story was carried by every major international news outlet. Of particular interest were the details of over 2,100 Suspicious Activity Reports (SARS) which were filed by banks and other financial institutions and submitted to FinCEN.…

CAB Connects With UN FACTI

posted by Category: Anti-Money Laundering, Correspondence Banking, FATCA, News 0 Comment

Castries, Saint Lucia, Thursday, July 23rd 2020: The Caribbean Association of Banks (CAB) Inc. was on Thursday, July 23rd 2020 offered the opportunity to engage in dialogue with the United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (UN FACTI Panel). Led by chairperson, Mr. Dalton Lee, the recognised voice for the Caribbean banking and financial services sector addressed panelists on the issues and challenges affecting the industry in the region. The 75-minute…

The Scourge Of EU Blacklisting

posted by Category: Anti-Money Laundering, CAB, Correspondence Banking, News 0 Comment

Some have long viewed the Caribbean as a true paradise for vacationers and tax evaders alike. As it relates to the latter, there have been tremendous efforts at the national and regional levels to change this unwarranted narrative. Yet, as a region, we seem to be locked into a perpetual dance with the European Union (EU), being called off and back on to the dancefloor of the proverbial “blacklist.”…

CAB CEO To Speak At Major Meetings

posted by Category: Anti-Money Laundering, Correspondence Banking, FinTech, News 0 Comment

Saint Lucia, Monday February 3rd, 2020: The recognised voice of the region’s banking and financial services sector will be heard at gatherings in Cuba and Trinidad and Tobago this week. Ms. Wendy Delmar, Chief Executive Officer of the Caribbean Association of Banks (CAB) Inc., will be delivering presentations at the CANTO annual general meeting in Havana, and the ACAMS AML Symposium in Port of Spain.   Ms. Delmar will be addressing the CANTO AGM on Tuesday morning on the subject,…

Correspondent Banking and De-risking Discussed as CARICOM Meets with Chair of US Financial Services Committee

posted by Category: Anti-Money Laundering, Correspondence Banking, FATCA, News 0 Comment

Chairman of the Caribbean Community (CARICOM) and Prime Minister of Saint Lucia,  Honourable Allen Chastanet, yesterday (Wednesday) attended a meeting in Washington, D.C. hosted by Congresswoman Maxine Waters, Chair of the United States House of Representatives Financial Services Committee.  The purpose of the meeting was a discussion on financial services and specifically correspondent banking that featured senior executives from financial institutions in the U.S.A. doing business in the Caribbean region. Also in attendance were Secretary-General of CARICOM, Ambassador H.E. Irwin…