Regulatory Alerts2022-05-16
Added · Updated
Digital Assets and Registered Exchanges (Anti-Money Laundering, Countering Financing of Terrorism and Countering Financing of Proliferation) Rules, 2022
The Securities Commission of The Bahamas establishes comprehensive anti-money laundering and counter-terrorist financing obligations for registrants under the Digital Assets and Registered Exchanges Act 2020. Registrants must implement a senior management-approved risk rating framework to assess customer and product risks, appoint a Commission-approved Money Laundering Reporting Officer, and maintain robust internal controls. The rules mandate specific due diligence measures, including simplified, standard, and enhanced verification procedures based on risk profiles, while requiring strict record-keeping and suspicious transaction reporting to the Financial Intelligence Unit.