Compliance professionals welcome new $100 bill

The Association of Compliance Professionals (ACPTT) welcomed the new polymer $100 bill as a move that will bolster the country’s anti-money laundering landscape.

“The introduction of this new $100 bill, with its new material and other security features, is a positive (move),” the association said in a statement Monday.

ACPTT urged the business community, in particular financial institutions and other listed businesses, to continue to be vigilant in their transactions, especially during this hectic Christmas season and where large cash transactions are being made.

ACPTT, a representative body of the anti-money laundering/counter-terrorism financing (AML/CTF) practitioners and Compliance Officers, was registered in November 2009. Its mission is to advance the overall knowledge and professionalism of its members, throughout the regulated business industry.

On Saturday the Miscellaneous Provisions (Proceeds of Crime and Central Bank) Bill 2019 was passed unanimously in a special sitting of the Senate and included an amendment to Section 27A(i) of the Central Bank Act, which reduced the three months notice the Central Bank had to provide before the “appointed day” that any banknote was expected to be cancelled to a minimum of two weeks.

At a media conference on Monday, Central Bank Governor Dr Alvin Hilaire announced that the cut-off date for the old $100 bill is December 30.