Regulatory Alerts2019-06-24
Bahamas MLRO Fitness and Propriety Guidelines
The Central Bank of The Bahamas, alongside other domestic financial regulators, has issued guidelines establishing the fitness and propriety criteria for Money Laundering Reporting Officers (MLROs) in Bahamian financial institutions. The framework mandates that nominated MLROs demonstrate sufficient authority, independence, relevant professional qualifications or practical experience, and ongoing AML/CFT training to satisfy core competency standards. Financial institutions must submit comprehensive supporting documentation, including CVs, certified diplomas, independent character references, police certificates, and board resolutions, to secure regulatory approval and ensure proper registration with the Financial Intelligence Unit.
Share