Regulatory Alerts2025-11-20
Guidance Notes for Sanction Screening
The Central Bank of The Bahamas mandates all domestic Supervised Financial Institutions to implement a risk-based sanctions screening framework aligned with the Anti-Terrorism Act and international best practices. Institutions must establish robust governance, conduct routine risk assessments, screen customers and transactions against mandatory UN Security Council lists, and validate screening systems through annual testing. Compliance officers are responsible for escalating matches, reporting to the Financial Intelligence Unit and Attorney General, and maintaining documented policies to mitigate terrorism and proliferation financing risks.
Share