Barbados' AML/CFT regime sits under the Anti-Money Laundering and Financing of Terrorism (Prevention and Control) Act and the AML/CFT/CPF Regulations, 2019, supervised by the Central Bank of Barbados for banks and credit unions and the Financial Services Commission for insurance, securities, credit unions, and other non-bank financial institutions. Barbados is also a member of the Caribbean Financial Action Task Force (CFATF), and mutual evaluation findings shape supervisory priorities and inspection focus areas over time.
Meeting these obligations in practice means more than holding a policy document. Regulators expect a current, entity-specific enterprise risk assessment; a customer due diligence programme calibrated to actual customer and product risk; functioning transaction monitoring and sanctions screening; a designated and adequately resourced compliance function; and evidence — training records, testing results, audit reports — that the programme operates as documented, not just as written.
We work directly with Barbados-regulated institutions to close the gap between policy and practice: building or refreshing the risk assessment, strengthening CDD and EDD procedures, preparing for CBB or FSC inspection, and providing the independent AML/CFT/CPF audits that both regulators and correspondent banks increasingly expect to see on file.