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Welcome to Banker's Academy

With 28+ years of experience,

Banker’s Academy

is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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  • Defining and developing a competency framework is a large undertaking. We will help you create a valid, useful tool that can be effectuated within our Learning Management System and provide excellent ROI.
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Anti Money Laundering (AML) By Country: Trinidad And Tobago

Anti Money Laundering (AML) in Trinidad And Tobago

Trinidad And Tobago
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Money laundering in Trinidad and Tobago is not a major problem, but because it continues to be a serious global concern, it has initiated a comprehensive Anti Money Laundering (AML) regime.

Trinidad and Tobago established AML legislation entitled Guidelines on Combating Money Laundering and Terrorist Financing, by an act of Parliament in 1995. The act was revised in 2004 setting the minimum standards by which financial institutions must abide and instituting new recordkeeping and reporting requirements.

The Financial Intelligence Unit (FIU) of Trinidad and Tobago is a division of the Counter Drug and Crime Task Force (CDCTF). The primary function of the CDCTF is to gather intelligence on all criminal activities and share that information accordingly to other law enforcement authorities for immediate action.

The Economy of Trinidad and Tobago

Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals and steel.

Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. The country also supplies manufactured goods, notably food and beverages, as well as cement, to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.

The country is also a regional financial center and tourism is a growing sector, although it is not as important as it is in many other Caribbean islands. The economy benefits from a growing trade surplus.

Banking in Trinidad and Tobago

The Central Bank of Trinidad and Tobago was established by an act of Parliament on December 12, 1964. Since that time, the Central Bank has been essential to the development of the Trinidad and Tobago financial system and continues to promote economic growth and development through secure and effective monetary management.

The Act entrusted the Central Bank with a range of responsibilities such as maintaining monetary stability, issuing currency, managing the country’s external reserves, acting as banker and advisor to the government, and preserving financial stability.

Trinidad and Tobago Currency

The currency in Trinidad and Tobago is the Trinidad and Tobago dollar (TTD).

Trinidad and Tobago currency coins are available in denominations of 1 , 5 , 10, 25 , and 50 cent denominations. Trinidad and Tobago currency notes are issued in denominations of 1, 5,10, 20 and 100 dollars. Currently two sets of notes are in circulation; those issued in 1995, and those issued in 2002 which have additional security features.

Other Key Statistics of Trinidad and Tobago

Time Zone: UTC-4 (1 hour ahead of Washington, DC during Standard Time).

Location: Caribbean, islands between the Caribbean Sea and the North Atlantic Ocean, northeast of Venezuela.

Population: 1,333,467 (June 2015 est.).

Labor Force: Approximately 0.6% works in agriculture, 12.9% in manufacturing, mining, and quarrying, 17.5% in construction and utilities and 65.6% in services industries. The unemployment rate is 4.5%.

Languages Spoken: English is the official language. Caribbean Hindustani (a dialect of Hindi), French, Spanish and Chinese are also spoken.

Trade Organizations: Trinidad and Tobago is a member of the World Trade Organization (WTO).

 

A Free Overview Of Anti Money Laundering (AML) For Trinidad And Tobago.