The Trinidad and Tobago Securities and Exchange Commission (“TTSEC”) employs several approaches, to carry out its AML/CFT/CPF supervisory functions, including the approval of Compliance Officers and Alternate Compliance Officers.
The Financial Obligations Regulations (“FOR”) defines ‘Compliance Officer’ as the person designated in accordance with Regulation 3 of the FOR, as the anti-money laundering compliance officer for any financial institution or listed business. Regulation 3 (1) of the FOR states that a financial institution shall for the purpose of securing compliance with section 55A of the Proceeds of Crime Act (“POCA”) and the FOR, designate a manager or official employed at a managerial level as the Compliance Officer of that institution.
Regulation 3 of the FOR also indicates the requirements related to the designation of a Compliance Officer where:
- the financial institution is a part of a financial group;
- the financial institution employs five (5) persons or less; and
- the financial institution is an individual who neither employs nor acts in association with another person.
Further, as it relates to Alternate Compliance Officers, Regulation 3 (8) of the FOR states that a financial institution or listed business shall designate an alternate for the Compliance Officer who shall, in the case of financial institutions, be a manager or official employed at the managerial level of the financial institution, or of a financial institution within the financial group and, in the absence of the Compliance Officer, discharge the functions of the Compliance Officer.
Regulation 4 of the FOR describes the main functions of the Compliance Officer and outlines the requirements of the relevant supervisory authority regarding the approval of appointment of the Compliance Officer, designated under Regulation 3.
In addition to the foregoing, Guideline 6 of the Anti-Money Laundering & Counter Financing of Terrorism Guidelines for the Securities Sector, 2018 (“the Commission’s AML/CFT Guidelines”) describes in further detail, the requirements for the designation of a Compliance Officer and Alternate Compliance Officer and Guideline 7 lists the minimum duties and responsibilities expected to be performed by the Compliance Officer.