September 07, 2006

CIB HOSTS ANTI-MONEY LAUNDERING WORKSHOP FOR EMPLOYEES

CIB has demonstrated its commitment to maintaining anti-money laundering procedures by engaging its staff in a one-day workshop entitled “Anti-money Laundering Awareness, Detection, Prevention and Compliance.”

Money Laundering is the process whereby the identity of money obtained from dishonest and/or illegal means, for example drug trafficking, is transformed so that it appears to have originated from a legitimate source.

The Bank’s anti-money laundering training is in keeping with the laws of Trinidad and Tobago, particularly as it pertains to:

• The Central Bank Guidelines
• The Proceeds of Crime Act, No. 55 of 2000
• The Financial Obligations Regulations 2001
• The Anti-Terrorism Act of Trinidad and Tobago

The workshop provided staff with knowledge, understanding and awareness of the business of Laundering the Proceeds of Drug Trafficking and specified crimes. Additionally, it ensures that members of staff are better equipped to perform their jobs by applying the Law as it relates to the detection, prevention and reporting of Money Laundering and Criminal Activities by customers to the Bank’s Compliance Manager and the designated authorities.

Following the training programme, one employee remarked that she is now better able to understand the risks of money laundering and the products and services of the Bank that are susceptible to this type of activity. She added that “she is hopeful that reporting suspicious transactions could also assist in reducing crime which is currently plaguing the country.”

Executive Vice President, Richard Trotman confirms that this Course will be provided for all new employees in their first year, and as a refresher, annually, for existing employees. This, he says, is in accordance with compliance requirements of the Law, and Central Bank Guidelines.

At the end of the programme, employees received Certificates of Participation as well as reference material in the form of a CD containing specimens of a Compliance Programme and the Anti-Money Laundering Policy.