AML COMPLIANCE REPORT ON BAHAMIAN INTERNATIONALLY-ACTIVE PUBLIC BANKS AND TRUST COMPANIES

On 17 May, the FATF-style regional body CFATF announced that the Central Bank in the Bahamas had released an AML compliance report prepared by Evaluasi, a specialist firm comprising some of the world’s leading AML researchers.  The Central Bank commissioned Evaluasi to conduct an assurance study or “shadow shopping” exercise on a large majority (more than 75%) of Bahamian internationally active public banks and trust companies.  It is said that this is thought to be the first time any financial regulator has conducted a shadow shopping exercise on an entire class of supervised institutions to check AML compliance.

https://www.cfatf-gafic.org/home/cfatf-news/786-bahamian-banks-and-trust-companies-record-highly-favourable-compliance-result-in-central-bank-assurance-study

https://www.centralbankbahamas.com/news/press-releases/press-release-bahamian-banks-and-trust-companies-record-highly-favourable-compliance-result-in-central-bank-assurance-study-1?N=C

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017