Central Bank Unveils Regulatory Updates to Enhance Financial Crime Prevention in The Bahamas

The Central Bank of The Bahamas has introduced significant updates to its Anti-Money Laundering/Combating the Financing of Terrorism/Cryptocurrency-Related Crimes Prevention (AML/CFT/CPF) guidelines and guidance notes, aimed at strengthening financial crime prevention measures across the country’s banking sector.

Overview of Regulatory Updates

The updated guidelines and guidance notes are designed to enhance licensing and prudential requirements for all supervised financial institutions in The Bahamas. This includes:

• Periodic onsite inspections: Regular visits to ensure compliance with AML/CFT/CPF regulations
• Regular regulatory reporting: Timely submission of reports to the Central Bank for monitoring and oversight

Key Highlights of the Updates

The updated guidelines and guidance notes feature key industry best practices and requirements for AML/CFT/CPF compliance, including:

• Enhanced risk assessment and management procedures
• Improved customer due diligence processes
• Strengthened monitoring and reporting mechanisms

Industry Stakeholder Feedback Encouraged

Industry stakeholders are encouraged to review the updated guidelines and provide feedback through a dedicated online form. This will help the Central Bank ensure that the new regulations effectively address emerging threats and maintain the highest standards of financial integrity.

Accessing the Updated Guidelines

The updated AML/CFT/CPF guidelines and guidance notes are now available on the Central Bank’s website for easy access and reference.

Stay Ahead of Emerging Threats

With these updates, the Central Bank is committed to ensuring that the banking sector in The Bahamas remains a global leader in terms of AML/CFT/CPF compliance.