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.
