Credit Unions and COVID-19 Regulators Perspective Nigel Stoddard FIUTT

CIPRIANI COLLEGE OF LABOUR AND CO-OPERATIVE STUDIES WEBINAR

CREDIT UNIONS AND COVID-19: THE RESPONSE OF REGIONAL REGULATORS by Nigel Stoddard (Director (Ag.) Financial Intelligence Unit)

IMPACT OF COVID-19 ON THE AML/CFT REGIME

AML/CFT Supervisory Authority:

•   Temporary suspension of onsite AML/CFT/PF examinations
•   Scale down of desk-based AML/CFT/PF examinations
•   TemporarysuspensionofEnforcementHearing
•   Temporarysuspensionofoutreachsessions(online awareness sessions)
•   Online reporting(AML/CFTobligations)

Credit Union Sector:

•   ActivationofBusinessContinuityPlan
•   CDDfornewmemberrelationships(restricted measures)
•   Digital identity(FATFRec.10)
•   Verification of identity
•   AcceptingrecentlyexpiredDPandPP
•   Apply risk-based approach to CDD (SDD, EDD)

Credit Union Sector – new challenges:

•   Criminals finding ways to bypass customer due diligence measures
•   Email and SMS phishing
•   Email hijacking
•   Ransomware attacks
•   Emailbusinesscompromise
•   Exploitingeconomicstimulusmeasures(Loans)

What Credit Unions can expect after COVID-19 “the new normal”

•  Increase online operations (electronic/digital)
•  Cybersecurity implementation
•  Greater use of risk-based approach
•  Coordination and cooperation between Regulators and credit unions

AML/CFT Resources:

No.	Websites
1.	https://www.fiu.gov.tt
2.	https://www.cfatf-gafic.org/
3.	http://www.fatf-gafi.org/
4.	https://www.fiu.gov.tt/wp-content/uploads/Joint-Regulatory-Onboarding-Guidelines-Covid- 19-Final-9-Apr-2020.pdf
No.	Internet Links
1.	https://www.fatf-gafi.org/media/fatf/documents/COVID-19-AML-CFT.pdf
2.	https://www.fiu.gov.tt/wp-content/uploads/ADV- 005_2020_Alert_for_the_Business_Community.pdf

3.	https://www.fiu.gov.tt/wp-content/uploads/ADV- 005_2020_Alert_for_the_Business_Community.pdf
4.	https://www.fiu.gov.tt/wp-content/uploads/COVID19-SCAM.pdf