The Securities Commission of The Bahamas has proposed a standalone anti-money laundering, countering the financing of terrorism and countering the financing of proliferation framework for regulated investment funds and other persons designated as responsible for these controls under the Investment Funds Act 2019. The rules would replace investment funds’ coverage under the Securities Industry anti-money laundering and counterterrorist financing rules issued in 2015. The proposals would require regulated persons to implement senior management-approved risk-rating frameworks, internal controls, suspicious transaction reporting procedures and targeted financial sanctions. They also set risk-based customer due diligence and ongoing monitoring requirements, including enhanced measures for higher-risk relationships and politically exposed persons. Firms would need an approved Money Laundering Reporting Officer, retain ultimate responsibility where that role is outsourced, maintain specified records for seven years and provide ongoing employee training.
2026-08-10Bahamas Securities Commission
Securities Commission of The Bahamas launches consultation on standalone financial crime rules for investment funds
The Securities Commission of The Bahamas has proposed standalone anti-money laundering, counterterrorist financing and proliferation financing rules for regulated investment funds. The framework would cover risk assessments, internal controls, customer due diligence, sanctions, suspicious transaction reporting and seven-year record retention.