Bahamian Government Outlines Requirements for Customer Due Diligence
The Bahamian government has outlined the requirements for customer due diligence (CDD) to prevent money laundering and terrorist financing in the financial sector.
What is Customer Due Diligence?
Customer due diligence (CDD) is a crucial measure to identify and verify customers, monitor transactions, identify beneficial ownership, and assist law enforcement agencies. The information typically required includes:
- Name
- Address
- Phone number
- Date of birth
- Source of funds
- A copy of passport or photo ID
Levels of Due Diligence
There are three levels of due diligence: Standard CDD, Enhanced Due Diligence, and Simplified Due Diligence. The level of due diligence required depends on the type of business relationship and the customer’s risk profile.
Exemptions from Documentary Evidence Requirements
The following exemptions apply:
- Financial institutions licensed by the Central Bank of The Bahamas, Securities Commission of The Bahamas, Inspector of Financial Corporate Service Providers, Insurance Commission of The Bahamas, or the Gaming Board
- Financial institutions subject to anti-money laundering and countering the financing of terrorism obligations
- Central or local government agencies or statutory bodies
- Publicly traded companies listed on The Bahamas International Stock Exchange
About the Compliance Commission
The Compliance Commission is a statutory body responsible for ensuring compliance with anti-money laundering and countering the financing of terrorism regulations in The Bahamas. Its mission is to prevent money laundering and terrorist financing, as well as other financial crimes, by promoting a culture of compliance among financial institutions and other sectors of the economy.
Contact Information
The Compliance Commission #31 Poinciana House East Bay Street P.O. Box N-3017 Nassau, Bahamas
Telephone: (242) 604-4331 Email: compliance@bahamas.gov.bs Website: https://ccb.finance.gov.bs