CENTRAL BANK INVITES PUBLIC COMMENTS ON MOVE TO Continuous AML/CFT Supervision
The Central Bank of The Bahamas is inviting public comments on the proposed AML/CFT SUPERVISORY STRATEGY – CONSULTATIVE DOCUMENT. The document is the result of extensive review, highlighting the conclusion that Bahamian Supervised Financial Institutions (SFIs), and the Bahamian financial system, would be better served if the Bank shifted from periodic examination of AML/CFT risks, to continuous supervision of these risks including the enhancement of its offsite surveillance and assessment of AML/CFT risks.
By moving to a continuous AML/CFT supervision regime, the Bank expects that the Bahamian jurisdiction will improve both its actual and perceived risks in these areas with the long term objective to see the Bahamian banking, credit union, and trust industries both actually, and perceived as, among the global leaders in effective AML/CFT risk management.
The Bank’s AML/CFT supervision strategy is expected to combine elements of comprehensive and risk based approaches and all SFIs exposed to AML/CFT risk will be subject to a minimum level of supervisory attention, without regard to the risk assessment.
These reforms meet several of the Bank’s objectives, as follows:
The Bank intends to commence continuous supervision of SFI AML/CFT risks from 1 January 2018.