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Bahamas Tightens Anti-Money Laundering Rules

Central Bank Issues Guidance Notes for Supervised Financial Institutions

NASSAU, BAHAMAS - The Central Bank of the Bahamas has issued new guidance notes to strengthen the country’s anti-money laundering framework. These guidelines are aimed at enhancing the ability of supervised financial institutions (SFIs) to identify and mitigate potential risks associated with money laundering, terrorist financing, and proliferation financing.

Key Provisions of the New Guidelines

• Conduct comprehensive risk assessments that include a thorough evaluation of inherent risks, control environment, and residual risks
• Assess risk appetite and tolerance, as well as identify and evaluate inherent risks associated with money laundering, terrorist financing, and proliferation financing
• Develop a control environment designed to mitigate those risks
• Implement auxiliary measures to manage residual risks
• Monitor and update risk assessments on an ongoing basis

Importance of Risk Assessment in Preventing Money Laundering and Terrorist Financing

“The risk assessment is a critical component in preventing money laundering and terrorist financing,” said a spokesperson for the Central Bank. “We expect SFIs to use these guidance notes to identify gaps in their risk assessment frameworks and implement corrective action plans where necessary.”

Availability of Guidance Notes

The new guidelines are now available on the Central Bank’s website and are intended to be used in conjunction with the Guidelines for Supervised Financial Institutions on the Prevention of Money Laundering, Countering the Financing of Terrorism & Proliferation Financing, Section 25.