Regulatory Alerts2018-08-21
Added · Updated
Guidance Note on the Sound Management of Risks Related to Financial Crime in The Bahamas
The document mandates that supervised financial institutions and designated non-financial businesses and professions in The Bahamas adopt a risk-based approach to identify, assess, and mitigate financial crime risks. It establishes ten core principles for sound management, including enterprise-wide risk assessments at country, sectoral, entity, and relationship levels, and requires the implementation of a three-lines-of-defense governance structure. Licensees are required to document and annually review their risk profiles, ensure board oversight, and maintain strict intolerance for non-compliance and financial criminality.
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