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Bahamas Seeks Anti-Money Laundering Software Solutions to Enhance Financial Integrity
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Central Bank of the Bahamas Issues Request for Proposal (RFP)
NASSAU, BAHAMAS - The Central Bank of the Bahamas has issued a request for proposal (RFP) for an anti-money laundering (AML) risk assessment solution as part of its ongoing efforts to modernize its technology infrastructure and strengthen financial regulation.
Automation and Integration
The bank aims to automate and integrate its existing systems with a new AML software solution, eliminating manual or semi-automated tools that hinder operational efficiency. The successful bidder will be tasked with implementing a comprehensive AML platform capable of monitoring and assessing the compliance of supervised financial institutions (SFIs) in real-time.
Key Evaluation Criteria
The ideal vendor should possess a proven track record of delivering similar services, demonstrate a deep understanding of the market’s available solutions, and have the capacity to manage timelines and deliverables. Price, service, and support, solution ease of use, and integration with other applications will also be key factors in the evaluation process.
Request for Proposals
The Central Bank of the Bahamas is seeking proposals from qualified bidders who can provide a robust AML risk assessment solution that enhances the bank’s ability to monitor and assess compliance of SFIs. The deadline for submission of electronic proposals is February 16, 2024, at 4:00 pm EDT.
Submission Guidelines
Interested vendors should submit their proposals electronically to [email protected] with the subject line “IT202402 Anti-Money Laundering Risk Assessment Solution Request for Proposals.” Faxed or hardcopy submissions will not be accepted.
Project Goals
The successful bidder will play a critical role in strengthening the Bahamas’ financial integrity and regulatory framework, ensuring that the country remains compliant with international AML standards. The project’s overall goal is to increase operational efficiency, improve data aggregation, analysis, and reporting, while reducing manual processes and introducing a paperless environment.
Key Project Benefits
- Enhanced financial integrity and regulatory framework
- Improved operational efficiency
- Increased data accuracy and reliability
- Reduced risk of non-compliance with international AML standards