Bank Supervision

Documents for Consultation

Draft documents are circulated for industry-wide consultation and public review. All comments, queries and/or concerns are welcomed and should be submitted to the noted addressees. You are however cautioned to observe the stated deadlines.

To access documents currently under industry review, you may select from the list below. The most recent documents are displayed first. To view detailed information about a document, click on the document title. To download a document, click on the appropriate icon in the "Files" column. Each icon represents a different type of file available for download. If needed, you may install the latest version of Adobe Reader by clicking the Get Acrobat Reader button at the bottom of this page. This software is available to you at not cost.

Consultation Paper on the Proposed Reforms to Customer Due Diligence Requirements for Account Opening and Provision of Financial Services in Supervised Financial Institutions

Published Friday February 23rd, 2018

This consultation paper proposes simplified, more accessible customer identification (ID) requirements to access deposit and payment services accounts. These reforms streamline the customer ID process by outlining which reliable, independent source documents can be used to obtain financial services. The customer address verification process has also been revised, with new emphasis on effective means of contacting customers. All of the Central Bank’s SFIs must comply with this framework.

To ensure consistency, and compliance with international standards, amendments have also been proposed to related pieces of legislation and to the Central Bank’s Guidelines for Licensees on the Prevention of Money Laundering and Countering the Financing of Terrorism.

The consultation period will end on 16th March, 2018. Comments or questions regarding the consultation paper should be directed to:

The Policy Unit Bank Supervision Department The Central Bank of The Bahamas P.O. Box N-4868 Nassau, Bahamas Tel: (242) 302-2615 Fax: (242) 356-3909 Email: [email protected]

Bank Supervision