Anti-Money Laundering Administrative Monetary Penalties Guidance Note
Published: Friday February 5th, 2021
The Central Bank of The Bahamas hereby notifies its supervised financial institutions (“SFIs”) of recent amendments to the Guidance Note on the Administrative Monetary Penalties for Supervised Financial Institutions Under The Bahamas’ Anti- Money Laundering and Countering the Financing of Terrorism Regime (AML- AMP Regime), published on the 14th December, 2018.
SFIs are hereby advised that:
- Paragraphs 31 to 38 of the Schedule have been removed as they fall under the remit of another regulator, and were inadvertently added; and
- The penalty amounts have been revised to reflect the appropriate ranges for individuals (directors, employees) and supervised financial institutions respectively.
This Notice is accessible via the hyperlink provided, or alternatively by visiting the website www.centralbankbahamas.com and viewing the document on the main page: Latest News→ “Amendments to the AML-AMP Regime” or Bank Supervision → Regulatory Framework → Policies & Guidance Notes.
Comments or questions regarding this Notice should be directed to:
The Policy Unit
Bank Supervision Department
Central Bank of The Bahamas
P.O. Box N-4868 Nassau, Bahamas
Tel: (242) 302-2615
Fax: (242) 356-3909
Issued: November 19, 2020