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Administrative Monetary Penalties for Supervised Financial Institutions under The Bahamas' Anti-Money-Laundering and Countering Terrorist Financing Regime

Published: Friday December 14th, 2018

"The Central Bank of The Bahamas (hereinafter referred to as the "Bank") has today released a Guidance Note on the Administrative Monetary Penalties for Anti Money-Laundering and Countering the Financing of Terrorism Regime as well as the schedule of breaches. The Bank hereby notifies its supervised financial institutions of the Bank's adoption of an administrative monetary penalties (AMP) system, in accordance with provisions under the Financial Transactions Reporting Act, 2018 (hereinafter referred to as the "FTRA"). This framework takes effect on the 14th December, 2018 and applies to entities supervised pursuant to the Banks and Trust Companies Regulation Act, 2000 and the Bahamas Co-Operative Credit Unions Act, 2015."

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