The Clearing Banks Committee and Group of Other Local Financial Institutions, in cooperation with the Central Bank of the Bahamas, recently issued a Public Notice to clarify requirements of new anti-money laundering laws.
To assist the public in understanding the new financial legislation, the notice addressed most frequently raised issues, such as
1. What the new anti-money laundering laws mean to you
2. List of legal requirements when opening a new account, or to bring your file at the bank up to date
3. What is required from you when making a deposit
4. Presenting a cheque for encashment
5. Conducting a transaction in excess of $10,000
Contact BFSB at firstname.lastname@example.org for a copy of the Public Notice.
Note: Requirements outlined in the Public Notice are in addition to the identification, verification and procedures already in place at respective banks.