Regulatory Alerts2023-03-06
Added · Updated
Financial Action Task Force Public Statement on list of Jurisdictions under Increased Monitoring
The Securities Commission of The Bahamas informs licensees and registrants that the Financial Action Task Force has updated its list of jurisdictions under increased monitoring, adding Nigeria and South Africa while removing Cambodia and Morocco. The Commission requires these entities to incorporate money laundering, terrorist financing, and proliferation financing risks associated with the identified jurisdictions into their business relationship and transaction risk assessments. Although the FATF does not mandate enhanced due diligence measures, the notice emphasizes the application of a risk-based approach rather than de-risking.
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