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Bahamas Releases Revised Guidelines to Prevent Money Laundering and Terrorist Financing

New Regulations to Enhance Financial Security

Nassau, Bahamas - The Central Bank of The Bahamas has announced revised guidelines aimed at preventing money laundering and countering the financing of terrorism in the country’s financial sector.

Revised AML/CFT Guidelines: Key Requirements

The revised Guidelines on the Prevention of Money Laundering & Countering the Financing of Terrorism (AML/CFT Guidelines) take effect immediately and outline mandatory minimum customer due diligence requirements for all:

Banks
Trust companies
Co-operative credit unions
Non-bank money transmission businesses
Payment service providers in The Bahamas

Enhanced Customer Due Diligence Requirements

The revised guidelines require Supervised Financial Institutions (SFIs) operating in The Bahamas to comply with enhanced customer due diligence requirements, designed to detect and prevent:

Money laundering
Terrorist financing

Strengthening Anti-Money Laundering Framework

The revised AML/CFT Guidelines are seen as a significant step forward in The Bahamas’ efforts to strengthen its anti-money laundering and counter-terrorism financing framework. By implementing these measures, the country aims to:

Maintain its position as a reputable financial center
Minimize risks associated with illicit financial activities
Ensure a safe and secure financial environment for all stakeholders.