Regulatory Alerts2019-06-26
Central Bank of The Bahamas Revises AMLCFT Guidelines for Licensees
The Central Bank of The Bahamas has issued revised AMLCFT guidelines that mandate all licensed banks, trust companies, and money transmission businesses to implement robust internal controls, risk-based customer due diligence, and comprehensive record-keeping procedures. These updated standards replace the 2005 framework and require licensees to integrate anti-money laundering and counter-terrorist financing measures directly into their core risk management strategies while adhering to strict suspicious transaction reporting protocols. Licensees must also ensure staff training, verify customer identities across diverse legal structures, and comply with civil and criminal penalties for non-compliance to maintain operational authorization within the jurisdiction.