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

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AML/CFT GUIDELINEISSUED BY THECENTRAL BANK OF BARBADOSIN CONJUNCTION WITH THE ANTI-MONEY LAUNDERING AUTHORITYMAY 2011Table of Contents1.0 INTRODUCTION____________________________________________________ 42.0 APPLICATION _____________________________________________________ 53.0 MONEY LAUNDERING AND FINANCING OF TERRORISM _________________ 53.1 Money Laundering ____________________________________________________________ 53.2 Financing of Terrorism ________________________________________________________ 54.0 INTERNATIONAL INITIATIVES ________________________________________ 65.0 LEGISLATIVE AND REGULATORY FRAMEWORK ________________________ 66.0 THE ROLE OF THE BOARD AND SENIOR MANAGEMENT _________________ 76.1 Risk-Based Approach _________________________________________________________ 97.0 CUSTOMER DUE DILIGENCE _______________________________________ 107.1 Personal Customer __________________________________________________________ 137.3 Partnership/Unincorporated Business____________________________________________ 157.4 Enhanced Due Diligence ________________________________________________________ 157.5 Reduced Customer Due Diligence _____________________________________________ 237.6 Retrospective Due Diligence __________________________________________________ 248.0 UNUSUAL & SUSPICIOUS TRANSACTIONS ___________________________ 258.1 Internal Reporting Procedures ________________________________________________ 268.2 External Reporting ___________________________________________________________ 2610.0 RECORD-KEEPING ________________________________________________ 2810.1 Internal and External Records ________________________________________________ 2910.2 Training Records ____________________________________________________________ 2911.0 TRAINING AND AWARENESS _______________________________________ 2911.1 Content and Scope of the Training Programme _________________________________ 3012.0 PRE-EMPLOYMENT BACKGROUND SCREENING _______________________ 31APPENDICES __________________________________________________________ 32Coverage of Activities of Financial Institutions _______________________________________ 32Additional References ______________________________________________________________ 34Summary of Money Laundering and Terrorism Sanctions and Offences ________________ 35Anti-Money Laundering/Combating Terrorist Financing Guideline May 2011 2Bank Supervision DepartmentCENTRAL BANK OF BARBADOS
AML/CFT GUIDELINEISSUED BY THECENTRAL BANK OF BARBADOSIN CONJUNCTION WITH THE ANTI-MONEY LAUNDERING AUTHORITYMAY 2011Verification Examples ______________________________________________________________ 40Confirmation of Customer Verification of Identity _____________________________________ 42Confirmation of Customer Verification of Identity _____________________________________ 43Red Flags _________________________________________________________________________ 44Declaration Source Of Funds/Wealth ________________________________________________ 50Suspicious/Unusual Transaction Report _____________________________________________ 51THE DIRECTOR ________________________________________________________ 51FIU USE ONLY _________________________________________________________ 52Anti-Money Laundering/Combating Terrorist Financing Guideline May 2011 3Bank Supervision DepartmentCENTRAL BANK OF BARBADOS
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