Regulatory Alerts2023-08-25
Central Bank of The Bahamas ML/TF/PF Risk Assessment Guidance Notes (June 2023)
The Central Bank of The Bahamas mandates all supervised financial institutions to implement a comprehensive Money Laundering, Terrorist Financing, and Proliferation Financing risk assessment framework. This guidance establishes a structured methodology requiring institutions to define board-approved risk appetite and tolerance levels, systematically evaluate inherent risks across customer, geographic, product, and delivery channel factors, and deploy robust internal controls. Furthermore, it requires continuous monitoring of residual risks through a three-lines-of-defence model to ensure timely identification of control gaps and alignment with strategic business objectives.
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