The Financial Intelligence Unit Act 2000 establishes and governs the Financial Intelligence Unit (FIU) in the Bahamas. This is the agency responsible to receive, analyse, obtain and disseminate information received in suspicious transaction reports which relate to or may relate to the proceeds of crime as stated in the Proceeds of Crime Act and the Anti-Terrorism Act.
The Bahamas Central Bank regulates the banks and trust companies industry, the Securities Commission regulates the insurance industry, the Inspector of Financial and Corporate Services regulates financial and corporate service providers and the Gaming Board regulates casinos.
The key AML legislative framework in the Bahamas includes:
Among others, reporting financial institutions in the Bahamas include, banks, trust companies, life insurance businesses, co-operative society, broker dealers, real estate brokers, a trustee or administration manager of superannuation schemes and borrowing, lending or investment companies.
The FTRA imposes mandatory obligations on your organisation if you are operating in the Bahamas as an AML reporting entity. The obligations include:
Where you have reasonable grounds to suspect that a transaction is relevant to the enforcement of the Proceeds of Crime Act 2000, you must report the transaction to the FIU. The Financial Transactions Reporting Regulations 2018 stipulates reporting thresholds for;
Patrons of gaming houses and casinos
Jewellers and dealers in precious stones and metals
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.