Financial Crime World

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Bahamas Takes Stricter Stance on Anti-Money Laundering

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The Bahamas has implemented enhanced regulatory requirements aimed at combating money laundering, terrorist financing, and proliferation financing. As part of these new rules, all licensed entities are now subject to stricter oversight, transparency, and reporting requirements.

EY Offers Expertise in AML Compliance

Ernst & Young (EY) is well-equipped to help financial institutions adapt to the new regulations. With a team of experts based in The Bahamas, Bermuda, British Virgin Islands, and Cayman Islands, EY offers comprehensive services to ensure compliance with Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) laws.

Key Requirements

Under the new regulations, financial institutions must:

  • Appoint a Money Laundering Reporting Officer (MLRO) and AML Compliance Officer
  • Identify and disclose beneficial owners at a 10% threshold level or greater
  • Develop their own methodology for risk-assessing clients
  • Complete an independent AML assessment annually or bi-annually, depending on the financial services sector

EY’s Unique Approach to AML

With deep expertise in financial crime, global regulatory credibility, and cutting-edge technology solutions, EY offers a distinct operating model that helps firms execute strategies with lower costs and higher quality. The firm provides a range of services, including:

  • Financial crime managed services (outsourcing BAU)
  • Managed investigations team
  • Utility design
  • Transaction monitoring and name-screening system optimization
  • Process efficiency review and enhancement

Benefits of Working with EY

EY’s team of certified anti-money laundering specialists offers local expertise with global reach. With over 30 professionals based in the region, EY is well-positioned to help financial institutions navigate the complexities of AML compliance.

Meet Our Team

LaNishka McSweeney, Partner at EY Cayman Ltd., Chris Maiato, Partner at EY Bermuda Ltd., and Herman Loedolff, Senior Manager at Ernst & Young, are among the experts who can provide guidance on AML compliance.

EY’s Commitment to Building a Better Working World

As a global organization with over 150 countries, EY is dedicated to creating long-term value for clients, people, and society. With trust being a key aspect of their mission, EY teams work across assurance, consulting, law, strategy, tax, and transactions to build trust in the capital markets.

Contact Us

For more information on how EY can help your organization navigate AML compliance, please visit ey.com or contact us directly.