Financial Crime World

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Bahamas Tightens Financial Compliance Regulations

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The Compliance Commission of The Bahamas has announced a series of measures aimed at strengthening financial compliance regulations in the country. These efforts are designed to combat money laundering and terrorist financing, while promoting a secure and stable environment for international business and finance.

New Registration Requirements Introduced

As part of its efforts to enhance financial compliance, the Compliance Commission has introduced new registration requirements for financial institutions and professionals. Under the revised rules, all registered persons must now provide detailed information about their business activities and ownership structure. This includes:

  • Business activity description
  • Ownership structure details
  • Other relevant information

Increased Frequency of On-Site Examinations

The Commission has also increased the frequency of on-site examinations to ensure that financial institutions are adhering to strict anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. This proactive approach will enable the agency to identify potential risks and address them in a timely manner.

Risk-Based Supervision Framework Implemented

The Commission has emphasized its commitment to implementing a risk-based supervision framework, which will enable it to target high-risk areas and institutions more effectively. This framework will involve:

  • Identifying and assessing risk factors
  • Developing targeted strategies for high-risk areas
  • Regular monitoring and review of compliance

Educational Programs Launched

In addition to these measures, the Commission has launched a range of educational programs aimed at promoting awareness about AML/CTF best practices among financial professionals. These initiatives include:

  • Workshops and training sessions
  • Online resources and guides
  • Industry-specific training programs

Compliance with International Standards

The Bahamas’ revised financial compliance regulations are in line with international standards and recommendations issued by organizations such as the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF). This demonstrates the country’s commitment to adhering to best practices in anti-money laundering and counter-terrorist financing.

Key Highlights

  • New registration requirements introduced for financial institutions and professionals
  • Increased frequency of on-site examinations to ensure AML/CTF compliance
  • Risk-based supervision framework implemented to target high-risk areas and institutions
  • Educational programs launched to promote awareness about AML/CTF best practices
  • Revised regulations in line with international standards and recommendations

Background

The Compliance Commission of The Bahamas is an independent statutory authority responsible for overseeing the country’s financial sector. Its primary mandate is to prevent money laundering and terrorist financing, while promoting a secure and stable environment for international business and finance.