On August 29th, 2018 The Central bank issued new AML/CFT Guidelines for Supervised Financial Institutions (SFIs). These Guidelines incorporate both the mandatory minimum requirements of the AML/CFT laws of The Bahamas and industry best practices and are enforceable by virtue of regulation 8 of the Financial Intelligence (Transactions Reporting) Regulations 2001. All SFIs of the Central Bank must use these Guidelines to develop responsible procedures suitable to their business to prevent money laundering and terrorist financing. If a SFI has deviated from these requirements, there may be sanctions under the applicable legislation. These Guidelines incorporate both the mandatory minimum requirements of the AML/CFT laws of The Bahamas and industry best practices and are enforceable by virtue of regulation 8 of the Financial Intelligence (Transactions Reporting) Regulations 2001.
All SFIs of the Central Bank must use these Guidelines to develop responsible procedures suitable to their business to prevent money laundering and terrorist financing. If a SFI has deviated from these requirements, there may be sanctions under the applicable legislation. Please contact The Bank Supervision Department with respect to any questions or queries that you may have on these Guidelines.
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