Request for Proposal: Anti-Money Laundering (AML) Risk Assessment Solution - RFP Responses

Published: Friday January 19th, 2024

Amended: Monday February 5th, 2024

As part of its strategic plan, the Central Bank of The Bahamas (hereinafter referred to as the Bank) has embarked on a comprehensive Information Technology (IT) modernization initiative encompassing upgrading and adopting new technology systems, platforms and software solutions to meet the current and future needs of the Bank. The Bank hereby invites qualified bidders to submit proposals supply and implement an Anti-Money Laundering (AML) Risk Assessment solution to enhance the Bank’s Bank ability to monitor and assess AML compliance of its supervised financial institutions (SFIs). The overall goal of this project is to:

• Ensure automation and integration with existing systems utilized by the Bank.
• Increase operational efficiency by eliminating the use of worksheets and other manual or semi-automated tools that increase processing times and are prohibitive to end-to-end workflows.
• Improve the ability to perform and complete tasks in an automated manner and within an integrated platform.
• Implement and execute cohesive workflows within an integrated system and making redundant the need for standalone systems, processes and approvals that will introduce and sustain a paperless environment.
• Increase operational efficiency by facilitating robust security, streamlined processes, data aggregation, analyses and reporting.

This Request for Proposal (RFP) states the overall scope of the initiative, current technology used, outcomes desired, as well as, desired vendor qualifications, bid criteria and the evaluation process.

The Bank seeks a bidder with a proven track record of delivering the services and solution outlined herein, a demonstrated awareness of the spectrum of solutions available in the market and the capacity to manage timelines and deliverables. Other factors that shall contribute to the selection of a bidder include, but are not limited to, price, service and support, solution ease of use and integration with other applications.

Questions regarding any aspect of this RFP should be sent electronically to:

Tenders’ Committee

Central Bank of The Bahamas

Subject Line: IT202402 Anti-Money Laundering Risk Assessment Solution Request for Proposals

Via E-Mail: [email protected]

Electronic copies of the proposal must be received on February 16, 2024, at or before 4:00 pm EDT. Faxed, hardcopy or oral proposals will not be accepted and could result in disqualification.