Financial Crime World

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Bahamas: AML Guidelines for Small Businesses

The Securities Commission of the Bahamas (SCB) has issued guidelines to help small businesses in the country comply with Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations.

Simplifying Compliance for Small Businesses

The new guidelines aim to simplify the process of implementing AML/CFT measures for small businesses operating in the financial services sector. According to the SCB, these entities often face challenges in complying with complex regulatory requirements.

“We understand that small businesses may not have the resources or expertise to implement robust AML/CFT systems,” said a spokesperson for the SCB. “Our goal is to provide guidance and support to help them comply with our regulations and ensure the integrity of our financial system.”

Key Measures for Small Businesses

The guidelines outline specific measures that small businesses must take to prevent money laundering and terrorist financing, including:

  • Identifying and verifying customer information
  • Conducting risk assessments
  • Implementing appropriate controls

“We encourage all small businesses in the financial services sector to familiarize themselves with these guidelines and implement the necessary measures to ensure compliance,” said the spokesperson.

Importance of Ongoing Training and Education

The SCB also emphasized the importance of ongoing training and education for staff members who will be responsible for implementing AML/CFT measures.

“In today’s global economy, it is essential that we have a robust and effective AML/CFT regime in place to protect our financial system from illicit activities,” said the spokesperson. “We are committed to working with all stakeholders to ensure compliance and prevent financial crime.”

Accessing the Guidelines

The full text of the guidelines can be found on the SCB’s website.

Contact Information

Securities Commission of the Bahamas Poinciana House - North Building, 2nd Floor, 31A East Bay Street, Nassau, The Bahamas