Bahamas Financial Professionals Required to Complete Annual Anti-Money Laundering Training

Overview

As mandated by local laws, all financial institutions in The Bahamas are required to ensure that their staff receive annual anti-money laundering training. This training is conducted by the Compliance Commission and aims to educate participants on how to detect and prevent money laundering activities.

Who Qualifies for Training

• Financial institutions supervised by the Compliance Commission have priority access to training sessions.
• Accounting firms seeking to perform on-site examinations as agents of the Compliance Commission are required to undergo mandatory training.
• The Compliance Commission may also extend training to other organizations deemed necessary.

The Training Process

To participate in the training program, financial institutions must:

1. Submit a written request to the Compliance Commission for approval.
2. Specify the type of session desired (e.g., general or specific issue).
3. Wait for the Commission’s response with staff availability information.

Key Details

• Application forms are not required.
• No additional supporting documents are necessary.
• The length and content of training sessions vary depending on the type.
• There are no deadlines associated with this program.
• Currently, there is no cost for training sessions conducted by the Compliance Commission.

Contact Information

For more information or to schedule a training session, financial institutions can contact:

Compliance Commission

• Poinciana House

• #34 East Bay Street

• Nassau

• New Providence

• The Bahamas

• Phone: (242) 604-4323, 604-4331, 604-4333

• Email: compliance@bahamas.gov.bs

• Opening Hours: Monday through Friday, 9:00am to 5:00pm