Proposed Amendments to the Guidelines on the Prevention of Money Laundering & Countering the Financing of Terrorism

This draft describes the rationale for the amendments, which is in more details in Annex A. There are two big changes that the amendment will bring about. Part A clarifies that The Central Bank will be responsible for better monitoring system for credit unions, as they are more exposed to vulnerability to Money Laundering and Terrorist Financing. Part B is focusing on establishing a stronger internal audit system for risk management within the relevant financial institution, and systematically keeping the records of the audit.

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2017
Date of Document: 
Monday, May 22, 2017
Document Authors: 
The Central Bank of the Bahamas

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