Regulatory Alerts2019-06-27
AML, KYC and CFT Best Practices
The Central Bank of The Bahamas requires all licensed firms to integrate a comprehensive KYC, AML, and CFT review program into their internal audit plans. Licensees must evaluate their ongoing compliance with applicable legislation and guidelines, while routinely submitting the latest internal audit reports covering reputation risk to the regulator. The Bank also requests that institutions disclose the scope and frequency of these reviews and submit their internal audit plans at their earliest convenience.
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