The Bahamas' AML/CTF supervisors
The Financial Intelligence Unit (FIU) in the Bahamas is governed under the Financial Intelligence Unit Act 2000. The Proceeds of Crime Act and the Anti-Terrorism Act specify that this is the agency in charge of receiving, analysing, obtaining, and disseminating information gathered in suspicious transaction reports that relates to or may relate to the proceeds of crime.
The Bahamas Central Bank regulates banks and trust companies, while the Securities Commision regulates insurance companies, the Inspector of Financial and Corporate Services regulates financial and corporate service providers, and the Gaming Board regulates casinos.
The following are various authorities that keep an eye on how essential requirements of the AML Act are being followed in specific industries:
How do you comply with AML/CTF regulations in the Bahamas?
The Bahamas' main AML/CTF legislation framework consists of the following.
The Proceeds of Crime Act 2018
The Financial Transactions Reporting Act 2018 (FTRA)
The Financial Transactions Reporting Regulations 2018
The FIU Act 2000
The Financial Intelligence (Transactions Reporting) Regulations 2001
The Anti-Terrorism Act 2018
The Anti-Terrorism Regulations 2019
Banks, trust companies, insurance companies, cooperative societies, broker dealers, real estate brokers, trustees or administration managers of superannuation systems, and borrowing, lending, or investment firms are among the reported financial institutions in the Bahamas.
If your organisation is conducting business in the Bahamas as an AML/CTF reporting entity, the FTRA imposes requirements that must be met. The duties comprise of:
Confirming the identification of both current and potential customers
Using a risk-based strategy
Developing and carrying out CDD measures
Establishing and carrying out a successful AML/CTF compliance program
Keeping a record of verification and transaction data for at least 5 years
Appointing a money laundering reporting officer as well as a compliance officer
What are my AML/CTF reporting obligations?
You must notify the FIU of any transaction for which you have cause to believe is relevant to the execution of the Proceeds of Crime Act 2000. Reporting thresholds are specified under the Financial Transactions Reporting Regulations 2018 for:
Customers of gaming establishments and casinos
Jewellers and precious stone or metal merchants