Regulatory Alerts2019-06-26
Streamlined Requirements for Account Opening
The Central Bank of The Bahamas has issued streamlined guidelines establishing a three-step customer due diligence framework for supervised financial institutions to open accounts and provide services. Institutions must verify client identity using categorized identification documents, maintain at least two current contact points, and apply ongoing risk-based ratings to determine compliance levels. The updated framework permits identification waivers for low-limit electronic payment instruments, accommodates international clients without a Bahamian nexus, and allows flexible reliance on referees or electronic records to mitigate money laundering and fraud risks.
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