Regulatory Alerts2023-04-20
Amended Streamlined Requirements for Account Opening, Financial Services and Customer Identification
The Central Bank of The Bahamas has amended Appendix B to its Anti-Money Laundering and Counter-Financing of Terrorism Guidelines, updating streamlined customer identification requirements for supervised financial institutions effective 6 April 2023. The revisions increase the reloadable holding limit for Tier 1 Sand Dollar wallets to $500 and refine acceptable identification documents by reclassifying expired Bahamian passports and driver’s licences into Category B, updating voter’s card eligibility, and permitting valid Bahamian driver’s licences to operate independently. These changes expand suitable referees to include Island Administrators and local councillors, thereby simplifying account opening and customer due diligence processes for banks, trust companies, credit unions, money transfer businesses, and payment service providers.