Bahamas Enhances Anti-Money Laundering and Terrorism Financing Standards

The Central Bank of The Bahamas has introduced revised guidelines aimed at strengthening the country’s anti-money laundering (AML) and countering terrorism financing (CFT) framework. These updated regulations set out mandatory minimum customer due diligence requirements for all supervised financial institutions, effective immediately.

Key Highlights of the Revised Guidelines

• Applicability: The new regulations apply to banks, trust companies, co-operative credit unions, non-bank money transmission businesses, and payment service providers.
• Customer Due Diligence Requirements: Mandatory minimum customer due diligence requirements will be enforced for all supervised financial institutions to enhance transparency and accountability within the sector.

Importance of Strengthening AML/CFT Regime

The revised guidelines are a crucial step in bolstering The Bahamas’ AML/CFT regime, which is essential for maintaining the country’s financial reputation and integrity. By implementing these measures, the Central Bank aims to:

• Prevent Illicit Activities: Prevent money laundering and terrorist financing activities that threaten the stability of the financial system.
• Protect Customers and Stakeholders: Safeguard the interests of customers and stakeholders by ensuring compliance with international standards and regulations.

The updated guidelines demonstrate The Bahamas’ commitment to upholding high standards in anti-money laundering and countering terrorism financing.