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

AML/CFT GUIDELINEISSUED BY THECENTRAL BANK OF BARBADOSIN CONJUNCTION WITH THE ANTI-MONEY LAUNDERING AUTHORITYMAY 2011Appendix 3(a)Summary of Money Laundering and Terrorism Sanctions and OffencesArea Description of Offence /BreachReporting Failure of a financial institutionObligations to make a report on atransaction involving proceedsof crime, the financing ofterrorism or is of a suspiciousor unusual nature to the FIUDirector.Failure of a licensee tomaintain businesstransactions records.Failure of a person to reporttransfers out of Barbados ortransfers Barbadian currencyor foreign currency intoBarbados, of more thanBDS$10,000 withoutExchange Control permission.Failure by a person to reportreceiving more thanBDS$10,000 in Barbadiancurrency (or foreignequivalent) without theInternal Policies,procedures,controls;Internal reportingprocedures;Internal employeetraining andawarenessprogramsInformationGathering &InvestigationsOnsiteInspectionsExchange Control permission.Failure by a financialinstitution to develop policiesand procedures; auditfunctions; and procedures toaudit compliance.Failure by a financialinstitution to comply with anyinstruction issued or requestmade by the FIU Director.Failure to comply with aninstruction or request made byan authorised officer orRegulatory Authority.Description of Fine / Sanction$100,000 on directors jointly andseverally and /or 5 yearsimprisonment$100,000 on directors jointly andseverallySummary conviction - $10,000 or2 years imprisonmentConviction on indictment -$200,000 or 5 years imprisonmentSummary conviction - $10,000 or2 years imprisonmentConviction on indictment -$200,000 or 5 years imprisonmentImposition of a pecuniary penalty(up to $5,000 for any of thecircumstances referred to atsection 34(1) of the MLFTA; $500daily for failure to take a measureor action or cease a behaviour orpractice) in accordance withsection 36.The licence of the financialinstitution may be suspended.The licence of the financialinstitution may be suspended.Section ofLegislationSection 23(2) MLFTASection 18(4)MLFTASection 24(6)MLFTASection 24 (6)MLFTASection 19(2)of the MLFTASection 30(5)of theMLFTA.Section 31(4)of the MLFTAInterference in The obstruction, hindrance, $50,000 or imprisonment of 2 years Section 42Anti-Money Laundering/Combating Terrorist Financing Guideline May 2011 35Bank Supervision DepartmentCENTRAL BANK OF BARBADOS