Regulatory Alerts2019-06-26
Guidance Note on the Sound Management of Risks Related to Financial Crime in The Bahamas
The four Bahamian financial regulatory authorities jointly issued this guidance to mandate a risk-based approach for supervised financial institutions and designated non-financial businesses. The document requires licensees to implement ten core principles, including rigorous enterprise and relationship-level risk assessments, robust three-lines-of-defense governance, board oversight, ongoing monitoring, targeted demarketing, and comprehensive cross-border training. This framework shifts regulatory expectations from strict rule compliance to proactive financial crime mitigation, ensuring licensees maintain strict intolerance toward money laundering and terrorist financing while protecting the jurisdiction's economic reputation.
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