The Central Bank of the Bahamas has launched a 15-day consultation on proposed Guidelines to Assess the Fitness and Propriety of Compliance Officers, adding role-specific requirements to its existing framework for assessing applicants for regulated functions. The draft sets out how compliance officers should be approved and how supervised financial institutions should oversee the role. The proposed guidelines cover authorisation requirements for approving compliance officers, outsourcing considerations, and an annual attestation to be submitted by Supervised Financial Institutions (SFIs). They also set the Central Bank’s expectations for the effective oversight and functioning of compliance officers within SFIs and outline the governance framework needed to support an independent and adequately resourced compliance function. The consultation closes on 10 June 2026.
Central Bank of the Bahamas2026-05-20
Central Bank of the Bahamas launches 15 day consultation on fitness and propriety guidelines for compliance officers
The Central Bank of the Bahamas is consulting on proposed Guidelines to Assess the Fitness and Propriety of Compliance Officers, adding role-specific requirements to its existing framework for regulated functions. The draft sets out authorisation requirements, outsourcing considerations, and an annual attestation by supervised financial institutions, and clarifies expectations for governance, oversight, independence and resourcing of the compliance function.