Bahamas Introduces Stringent Identity Verification Requirements
The Bahamas has recently introduced new regulations aimed at preventing money laundering, terrorist financing, and other financial crimes by requiring businesses to verify the identity of their customers and maintain records for a minimum period of five years.
Document Verification Service
To comply with these regulations, Shufti Pro offers a specialized document verification service that checks the authenticity of documents presented by customers. This includes verifying security features such as holograms, tapered edges, and microprinting.
Required Documents for Verification
The following documents are considered proof of identity in The Bahamas:
- A valid passport
- A valid driver’s license
- Other valid photo ID
For address verification, the following documents are accepted:
- A current utility bill (such as gas, electricity, or telephone bill)
- A document issued by a government department that shows the customer’s address
- A bank statement (no older than three months) that shows the customer’s address
Timing of Verification
Identity verification is not limited to a one-time process. Businesses must verify identity in multiple instances, depending on their requirements and regulations.
Politically Exposed Persons and EDD Measures
As part of enhanced due diligence requirements, businesses are required to determine if customers are:
- Politically Exposed Persons (PEPs)
- Hold public office
- Exhibit a higher risk profile
Shufti Pro provides an AML Screening service that screens individuals against watchlists of global regulatory authorities.
Reliance on External Services
Bahamian regulations allow businesses to seek the services of third-party providers for due diligence measures. However, businesses remain liable for maintaining compliance and fulfilling anti-money laundering (AML) and know-your-customer (KYC) obligations.
Record Retention
Businesses are required to retain data for a minimum period of five years as part of their AML and KYC obligations. This includes collecting necessary information from third-party providers without undue delay.
Shufti Pro is committed to helping businesses comply with these new regulations, providing a comprehensive document verification service that ensures the authenticity of customer documents and helps prevent financial crimes.