Regulatory Alerts2023-07-04
Added · Updated
Securities Commission of The Bahamas Notice on FATF Public Statement on List of Jurisdictions under Increased Monitoring
Licensees and registrants of the Securities Commission of The Bahamas are required to incorporate money laundering, terrorist financing, and proliferation financing risks associated with jurisdictions on the FATF's grey list into their business relationship and transaction risk assessments. This obligation applies to the 19 jurisdictions with updated status reports, the three newly added jurisdictions (Cameroon, Croatia, and Vietnam), and the five jurisdictions with deferred reporting (Haiti, Nigeria, Syria, Tanzania, and Yemen). Although the FATF does not mandate enhanced due diligence measures for these jurisdictions, the Commission explicitly encourages regulated entities to consider these risks in their internal controls.