The Securities Commission of The Bahamas is consulting on amendments to financial crime rules for all persons regulated under the Financial and Corporate Service Providers Act, 2020. The proposals would incorporate proliferation financing and targeted financial sanctions, broaden the risk framework and align the rules with amendments to the Financial Transactions Reporting Act, 2018 and updated Financial Action Task Force methodology. They form part of a parallel effort to harmonize requirements across the commission’s regulatory regimes, including equivalent proposed changes for securities industry firms. Licensees would have to strengthen internal controls and address additional cross-border risks. The draft introduces commission-approved simplified due diligence for lower-risk clients, enhanced due diligence for higher-risk customers and transactions, and expanded coverage of politically exposed persons. It would also require firms to freeze designated persons’ funds without delay, notify the attorney general and Financial Intelligence Unit, and prevent funds from being made available to designated parties. Digital asset controls would be reinforced in areas including travel rule compliance, self-hosted wallet risk management, blockchain transaction monitoring, outsourcing and third-party technology providers.
2026-08-10Bahamas Securities Commission
Securities Commission of The Bahamas consults on stronger anti-money laundering, proliferation financing and sanctions rules for financial and corporate service providers
The Securities Commission of The Bahamas is consulting on stronger financial crime rules for financial and corporate service providers. The proposals add proliferation financing and targeted financial sanctions requirements while strengthening risk assessments, due diligence, politically exposed person controls and treatment of digital asset risks.