Compliance at the Core
Transforming the way you meet compliance standards and regulations. Companies are facing intense regulatory pressure from domestic and foreign regulators, enforcement authorities and others, prompting efforts to respond to extensive inquiries, investigations, and litigation. To thrive, leading organizations must devote substantial efforts and resources to ensure they have appropriate and effective compliance programs in place, particularly, the regulatory and legal requirements covering money laundering and the Foreign Account Tax Compliance Act.
Our regulatory and compliance services include:
- Anti-Money Laundering( AML)/Combating the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) services
- Foreign Account Tax Compliance Act (FATCA) services
Anti-Money Laundering( AML)/Combating the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) services
AML/CFT/CPF services include:
- AML/CFT/CPF regulatory compliance assessment services (compliance with the requirements of the relevant regulatory bodies, including but not limited to, Financial Obligations Regulations (“FORs”) 10 (2) (a), and/or the TTSEC Guidelines 2018, part 2, 11 (1) of Trinidad and Tobago, the Financial Service Commission Barbados (“FSC”) and Central Bank of Barbados, and the Eastern Caribbean Central Bank.)
- Readiness and Health Check reviews
- AML/CTF program design, build and execution
KPMG's AML/CFT/CPF professionals work with clients to identify, manage and mitigate their AML/CTF risk exposures in line with legislative requirements and industry better practice. Failure to maintain effective AML/CTF systems can result in the unwitting support of the aims of terrorists or other criminal enterprises, regulatory intervention resulting in substantial monetary penalties, and reputational damage.
We have conducted numerous legislative compliance assessments in accordance with regulations applicable to varied industries and their requirements. We have performed these services for several large and medium sized entities in the public and private sector, regionally.
We conduct these assessments through the performance of Agreed-Upon Procedures and provide observations and recommendations for improvements or further actions as necessary. Our reports are submitted to the relevant Supervisory Authority and the Board of Directors.
Our primary team resourced to provide these assessments have over 25 years’ combined experience in performing these services, ranging from Business Advisors to Partners and has qualifications in AML/CFT/CPF and are members of associated professional bodies.”
Foreign Account Tax Compliance Act (FATCA) services
KPMG's Compliance professionals perform assessments of the policies, procedures and systems for compliance with relevant Guidelines on the implementation of the Trinidad and Tobago's Tax Information Exchange Agreements (United States of America) Act, 2017 (TIEAA) every 3 years. This assessment is required for all financial institutions domiciled in Trinidad and Tobago as defined under the TIEA Act.