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Preventing Money Laundering and Counter-Terrorism Financing in The Bahamas

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Summary

The Central Bank of The Bahamas has issued guidelines for supervised financial institutions (SFIs) to ensure compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. These guidelines emphasize the importance of effective internal controls, policies, and procedures to prevent money laundering and terrorist financing.

Key Points

Definitions

• The document defines various terms related to AML/CFT, including:
  • Facility holder: [insert definition]
  • Occasional transaction: [insert definition]
  • Source of funds: [insert definition]
  • Source of wealth: [insert definition]

Responsibilities of the Central Bank

• The Central Bank has a keen interest in measures aimed at countering money laundering and terrorist financing.
• SFIs are informed that failure to implement adequate policies and procedures will be taken into account when determining their licensing criteria.

Internal Controls, Policies, and Procedures

• SFIs must establish clear responsibilities and accountabilities to ensure compliance with AML/CFT regulations.
• They should have sufficient controls and monitoring systems for timely detection and reporting of suspicious activity.
• These internal controls, policies, and procedures should be based on a prior risk analysis appropriate and proportionate to the nature and size of their businesses.

Conclusion

These guidelines emphasize the importance of effective AML/CFT measures in The Bahamas, highlighting the need for supervised financial institutions to implement robust internal controls and procedures to prevent money laundering and terrorist financing.