FTRA Seminar - August 2002

Published: Monday November 18th, 2002

In August 2002, The Central Bank of the Bahamas hosted a seminar on the due diligence requirements of the Financial Transactions Reporting Act, 2000. The seminar was held in response to public and industry concerns about the interpretation and application of the due diligence requirements of the FTRA and the FTRR by entities licensed by the Central Bank of The Bahamas. The objective of the seminar was to provide clarification to the industry on these matters and to offer guidance on the approach which the industry should take when conducting the statutory due diligence exercise. The Financial Intelligence Unit addressed participants on the identification, processing and reporting of suspicious transactions.

Two of the documents resulting from the seminar are: "Know Your Customer Requirements for Banks and Trust Companies" by Central Bank's Legal Counsel, Rochelle Deleveaux, and "On-site Supervision Perspective" by one of Central Bank's Consultants, Walter Christen. These documents have been posted to our website under:

Publications--Bank Supervision Notes and Guidelines--FTRA Seminar Paper: Know Your Customer

Publications--Bank Supervision Notes and Guidelines--FTRA Seminar Paper: FTRA Seminar Paper: On-site Supervision Perspective