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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]