Regulatory Alerts2018-08-21
Added · Updated
Guidance Note on Proliferation and Proliferation Financing
Bahamian financial institutions and designated non-financial businesses and professions must integrate proliferation financing risks into their existing anti-money laundering and counter-terrorist financing frameworks. Regulated entities are required to implement risk-based approaches, including enhanced due diligence for clients involved in dual-use goods or located in sanctioned jurisdictions, and to maintain policies for identifying red flag indicators. The guidance mandates the use of UN and national restricted listings to freeze accounts and report suspicious transactions related to weapons of mass destruction proliferation.