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Central Bank Clarifies Customer Due Diligence Requirements

Published: Friday February 23rd, 2018

The Central Bank of The Bahamas (“the Central Bank”) has released its Consultation Paper on Proposed Reforms to Customer Due Diligence Requirements for Account Opening and Provision of Financial Services in Supervised Financial Institutions.

It is accompanied by a proposed Annex to the Central Bank’s Guidelines for Licensees on the Prevention of Money Laundering and Countering the Financing of Terrorism (AML/CFT).

The new framework will apply to banks, trust companies, co-operative credit unions, money transfer businesses (MTBs), and payment service providers (PSPs) supervised by the Central Bank of The Bahamas. Collectively, they are referred to as Supervised Financial Institutions (SFIs).

Please click here for the consultation documents. Customer Due Diligence