THE BAHAMAS AML/CFT 2018 RISK MANAGEMENT CONFERENCE
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1 THE BAHAMAS AML/CFT 2018 RISK MANAGEMENT CONFERENCE What s happening across regulators? Tuesday, 18 th September 2018 Baha Mar Resort & Convention Center Nassau, The Bahamas Presenter: Mechelle P. Martinborough, Senior Legal Counsel Property of The Securities Commission of The Bahamas
2 HOW WE GOT HERE OECD blacklisting of 35 countries based on its concern with the exchange of information to enhance onshore tax compliance. Response of the Government of The Bahamas to mitigate the damage to The Bahamian economy New and amended legislation implemented. Regulatory response Creation of the Group of Financial Services Regulators (GFSR) 2 Property of the Securities Commission of The Bahamas 2
3 GROUP OF FINANCIAL SERVICES REGULATORS (a) Joint Endeavors Annual Publication Annual Flagship Conference AML/CFT Website AML/CFT Penalty & Sanctioning Framework (b) Joint Guidance Proliferation Financing Sound Management of Financial Crimes 3 Property of the Securities Commission of The Bahamas 3
4 COMPLIANCE COMMISSION Responsible for oversight of DNFBPs Expanded to include Dealers in Precious Stones and Metals Technology Upgrades Enforcement Unit Established Codes of Practice Updated Training Enforcement Participating in GFSR Working Group on Sanctions 4 Property of the Securities Commission of The Bahamas 4
5 THE GAMING BOARD Action Plan AML/CFT Guideline Booklet Risk Based Supervisory Framework Occasional Transactions Threshold 5 Property of the Securities Commission of The Bahamas 5
6 INSURANCE COMMISSION OF THE BAHAMAS Life Insurance always subject to AML Regime Now defined as FI therefore additional standards apply FTRA 2018 introduced obligation for STRs to General Insurance Jan 2018 NRA Briefing Feb 2018 Industry Briefing specific to Insurance Industry May 2018 Board and Employee training One-on-One Prudential Meetings with licensees Enhanced Risk Based Supervision Program 6 Property of the Securities Commission of The Bahamas 6
7 CENTRAL BANK OF THE BAHAMAS Supervisor of Banks, Trusts, Credit Unions and Money Transmission Business Supervisory Reforms AML/CFT Focus AML/CFT Supervisory Framework AML Analytics Unit 2019 Reforms SFI Risk Management arrangements AML/CFT Approach Property of the Securities Commission of The Bahamas 7
8 SECURITIES COMMISSION OF THE BAHAMAS Supervises Capital, Securities and Investment fund sectors and is Inspector of FCSPs Supervisory Reforms Risk Based Supervision Framework Risk Analytics Unit Risk scoring tool Examination Programs Sanctions Legislative Reforms Securities Industry Act/Investment Funds Act Securities Industry (AML/CFT Rules) 2015 Financial and Corporate Service Providers Act Financial And Corporate Service Providers Handbook and Code of Practice 8 Property of the Securities Commission of The Bahamas 8
9 CONCLUDING POINTS International focus on AML/CFT continues Legislation replaced to keep pace Continued assessment of risk imperative Commitment to meet changing Standards Continuing role for the GFSR 9 Property of the Securities Commission of The Bahamas 9
10 THANK YOU Property of the Securities Commission of The Bahamas 10
11 CONTACT INFORMATION Securities Commission of The Bahamas 3rd Floor, Charlotte House Shirley and Charlotte Streets P.O. Box N-8347 Nassau, The Bahamas Telephone 1-(242) (Nassau) 1-(242) (Family Island toll free) 1-(360) (International) Fax 1-(242) Web 11 Property of the Securities Commission of The Bahamas 11
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