Bahamas Banks Face Tough Standards on AML vs CFT Regulations
The Central Bank of The Bahamas has issued guidelines and guidance notes to ensure local banks and trust companies adhere to the latest standards on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
Regulatory Framework
Under the Banks and Trust Companies Regulation Act, 2020, and the Central Bank of The Bahamas Act, 2020, the regulatory body is responsible for licensing, regulating, and supervising financial institutions operating in and from within the country.
Industry Best Practices
As part of its ongoing efforts to combat financial crime, the Central Bank has outlined industry best practices for AML/CFT/CPF, including:
- Periodic onsite inspections
- Required regulatory reporting
The regulator’s policies aim to provide clarity and guidance to licensees on these critical issues.
Published Guidelines and Notes
In a major move to strengthen its regulatory framework, the Central Bank has published key guidelines and notes for the financial sector. Industry stakeholders can access these documents by:
- Clicking on the title
- Downloading them in PDF format from the Central Bank’s website
Tough Stance on AML/CFT Regulations
The Bahamas is taking a tough stance on AML/CFT regulations, reflecting its commitment to maintaining a robust and transparent financial system. The move is expected to enhance confidence among international partners and investors, while also safeguarding the country’s reputation as a major financial hub.
Feedback Mechanism
To provide feedback on these guidelines and guidance notes, industry stakeholders are invited to fill out a dedicated feedback form available on the Central Bank’s website. The regulator is committed to ongoing consultation with licensees and other stakeholders to ensure that its policies remain effective and relevant in addressing the evolving threat of financial crime.
Note: All documents can be accessed on the Central Bank’s website or downloaded in PDF format for further reference.