Financial Crime World

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Bahamas Cracks Down on Money Laundering: New Guidelines Issued

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NASSAU, BAHAMAS - In a bid to strengthen its anti-money laundering (AML) laws, the Central Bank of The Bahamas has issued new guidelines and guidance notes for financial institutions operating in the country.

AML Regulations Aim to Strengthen Financial System

The move comes as part of the government’s efforts to regulate and supervise banks and trust companies, following the passage of The Banks and Trust Companies Regulation Act, 2020 and the Central Bank of The Bahamas Act, 2020. The regulations aim to ensure that all supervised financial institutions adhere to industry best practices in AML/CFT/CPF (Combating the Financing of Terrorism and Countering Proliferation Financing).

New Guidelines for Licensed Banks and Trust Companies

Under the new guidelines, licensed banks and trust companies are expected to meet strict requirements, including:

  • Periodic onsite inspections
  • Regular regulatory reporting

The Central Bank will also issue policies to provide further clarity and guidance on industry best practices.

Key Areas Covered by Guidelines and Guidance Notes

The guidelines and guidance notes cover key areas such as:

  • AML/CFT/CPF risk assessment
  • Customer due diligence
  • Transaction monitoring
  • Suspicious activity reporting

Financial institutions are required to review and understand the new guidelines, which can be downloaded from the Central Bank’s website.

Industry Response

“The Bahamas is committed to maintaining a robust regulatory framework that prevents money laundering and terrorist financing,” said a spokesperson for the Central Bank. “These new guidelines demonstrate our commitment to protecting the integrity of our financial system.”

The move is seen as a positive step in the fight against money laundering and terrorist financing, which has been a major concern for the international community.

For More Information

For more information on the new guidelines, including industry best practices and regulatory reporting requirements, please visit the Central Bank’s website.