WHO WE ARE
The Compliance Unit of the Anti-Money Laundering Authority was created by legislative amendment of the Money Laundering and Financing of Terrorism (Prevention & Control) Amendment No. 2 Act 2019-58 (MLFTA). The Compliance Unit is the supervisory body for the Designated Non-Financial Businesses and Professionals (DNFBPs) i.e. accountants, attorneys-at-law, real estate agents and dealers in precious metals and stones.
The Functions of the Unit are to:
- Administrate the relevant Acts, including the registration of DNFBPs;
- Supervise and regulate the AML/CFT/PF operations of DNFBPs;
- Establish standards for institutional strengthening, for the control and management of ML/TF risk in the DNFBP sector;
- Issue guidelines for establishing codes of conduct; modernizing the DNFBP sector; promoting international standards and best practices as it relates to AML/CFT/PF;
- Promote stability, public awareness and public confidence in the operations of DNFBPs;
- Advise AMLA in respect of matters relating to the MLFTA;
- Provide technical assistance and advice to any other government agency in relation to its responsibilities under any law to supervise, regulate or monitor any business operating in Barbados; and
- Perform any other function that may be necessary to effectively carry out the purposes of the MLFTA.
OUR VISION, MISSION AND PHILOSOPHY
To be an outstanding supervisor, safeguarding the integrity of the Designated Non-Financial Businesses and Professionals sector in Barbados.
To encourage and promote a culture of ethical conduct, awareness, education and compliance within the DNFBP sector and to execute a highly effective and efficient regulatory system in compliance with international standards and best practices.
The Compliance Unit strives to regulate and supervise in a firm, fair, transparent and accountable manner in accordance with international best practices, as far as they are relevant and applicable to the regulated entities within its purview. Besides taking firm and decisive enforcement action against misconduct, the Compliance Unit also engages in a more proactive oversight of the DNFBP sector.
Our core values are:
Our services include the following:
- Conduct risk assessments
- Perform trend analysis
- Produce publications like guidance notes and pocket guides
- Conduct outreach and training sessions
- Conduct on-site examinations
Our clients are those that are captured in the second schedule of the MLFTA as Designated Non-Financial Businesses and Professionals and include:
- Dealers in Precious Metals and Stones
- Real Estate Agents
HOW TO CONTACT US
“The Heritage” Office #2, #35 Pine Road, St. Michael