Revised Central Bank-AMLA Guidelines - Anti-Money Laundering ...

AML/CFT GUIDELINEISSUED BY THECENTRAL BANK OF BARBADOSIN CONJUNCTION WITH THE ANTI-MONEY LAUNDERING AUTHORITYMAY 2011iii) In instances where original documents are not available, only accept copies that are certifiedby an approved person. See Appendix 5. Approved persons should print their name clearly,indicate their position or capacity together with a contact address and phone number;iv) If the documents are unfamiliar, take additional measures to verify that they are genuine e.g.contacting the relevant authorities; andv) Determine through a risk analysis of the type of applicant and the expected size and activityof the account, the extent and nature of the information required to open an account.Examples of documentation for different types of customers are set out in Sections 7.1 to7.5.Generally, licensees should not accept funds from prospective customers unless the necessaryverification has been completed. In exceptional circumstances, where it would be essential not tointerrupt the normal conduct of business (e.g. non face-to-face business and securitiestransactions), verification may be completed after establishment of the business relationship.Should this be determined to be an acceptable risk, licensees should adopt risk managementprocedures with respect to the conditions under which a customer may utilise the businessrelationship prior to verification. 7 . If the requirements are not met, and it is determined that thecircumstances give rise to suspicion, the licensee should make a report to the Authority (SeeSection 8).Where there is a suspicion that a transaction relates to money laundering or the financing ofterrorism, licensees should be cognizant of tipping off a customer when conducting due diligence.The licensee should make a business decision whether to open the account or execute thetransaction as the case may be, but a suspicious report should be submitted to the Authority.7.1 Personal CustomerA licensee should obtain relevant information on the identity of its customer and seek to verifysome of the information on a risk basis, through the use of reliable, independent sourcedocuments, data or information to prove to its satisfaction that the individual is who that individualclaims to be. See Section 2 of the MLFTA. The basic information should include:a. True name and permanent residential address;b. Valid photo-bearing identification, with unique identifier, (e.g. passport, nationalidentification card, driver’s licence);c. Date and place of birth and nationality (if dual, should be indicated);d. Occupation and business or principal activity;e. Contact details e.g. telephone number, fax number and e-mail address;7 Procedures should include a set of measures such as a limitation of the number, types and/or amount oftransactions that can be performed and the monitoring of large or complex transactions being carried out outside ofexpected norms for that type of relationship.Anti-Money Laundering/Combating Terrorist Financing Guideline May 2011 13Bank Supervision DepartmentCENTRAL BANK OF BARBADOS