Regulatory Alerts2019-06-26
Guidance Note on Proliferation and Proliferation Financing
The Central Bank, Compliance Commission, Insurance Commission, and Securities Commission of The Bahamas have issued this guidance to establish a unified regulatory framework for combating proliferation financing. Regulated financial institutions and designated non-financial businesses must integrate proliferation risk assessments into their existing anti-money laundering and counter-terrorist financing programs by applying a risk-based approach to identify high-risk jurisdictions, dual-use goods, and listed entities. The guidance mandates the implementation of targeted financial sanctions, including immediate account freezing for designated proliferators, alongside enhanced due diligence and red flag monitoring to prevent the financing of weapons of mass destruction.