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Nottage takes over AS national risk chief
DR Cassandra Nottage has been appointed to the post of national identified risk framework coordinator, according to a press release from the Office of the Attorney General.
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Fighting financial crime in silos will cause failure
The risk and compliance space has been inundated with changing landscapes during the first six months of this new decade. Here in The Bahamas, many risk and compliance professionals will have thought that the 2018-2019 regulatory overhaul was a daunt
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BACO founder: Regulation is ‘no substitute’ for governance
A FORMER Senator yesterday said regulation was “no substitute” for good governance at financial services institutions.
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Bahamas urged: 'Clean up' $184m unverified accounts
A Caribbean regulatory body has urged Bahamian banks to show “more dedication and urgency” in cleaning up 20,000 ‘unverified’ accounts that collectively hold almost $184 million.The Caribbean Financial Action Task Force (CFATF), in its July 2017 repo
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Insurance industry attends FATF forum
The Bahamas Insurance Association (BIA) was represented at the recent Financial Action Task Force (FATF) Private Sector Consultative Forum (PSCF) dealing with financial crime.Emmanuel Komolafe, its chairman, attended the high level meeting from April
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Few prosecutions show anti-financial crime regime works
The Deputy Prime Minister is arguing that The Bahamas has relatively few money laundering prosecutions because its regulatory regime is successfully deterring financial criminals.Flipping a key aspect of the Financial Action Task Force’s (FATF) ratio
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Bahamas represented at finance crime forum
Three Bahamian executives represented this nation at the Financial Action Task Force’s (FATF) annual Private Sector Consultative Forum (PSCF) that deals with fighting financial crime.The Forum, held from 23-24 April, 2018, was hosted by the United Na
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Bahamas converts Finland taxation deal to automatic
THE Bahamas yesterday upgraded its tax information exchange agreement with Finland to the automatic variety, as it bids to meet global standards by September 2018.K P Turnquest, deputy prime minister, signed the Protocol to Amend the Tax Information
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PM highlights need for financial services measures
ECONOMIES of the Caribbean region are gradually changing from being goods-based to becoming service-based, it was reported last week at an international conference.
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AG hails ‘a new day’ on financial regulation
The Bahamas is targeting a June “exit” from a list of 18 nations with “strategic deficiencies” in their anti-financial crime defenses, the attorney general said yesterday, hailing “a new day” in regulation.
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Bahamas’ case for lesser KYC regime still ‘not sufficient’
The Bahamas cannot rely on the Central Bank’s “low risk” finding alone to persuade international regulators it should lower an onerous compliance burden, an ex-attorney general is arguing.
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Correspondent ‘de-risk’ affects Bahamas banks ‘more than we thought’
The effects of correspondent bank ‘de-risking’ on the Bahamian financial services industry are “more extensive than first assessed”, the Central Bank has conceded, with 57 per cent of impacted institutions unable to find replacement relationships.
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Zealous regulation still 'degrading' experience
Financial services customer experiences are still “too degraded” by the over-zealous application of strict Know Your Customer (KYC) procedures, the Central Bank’s governor believes.
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Sanctions without hearing part of new securities bill
The Securities Commission of The Bahamas (SCB) issued the Securities Industry Bill 2024 for public consultation last week - which seeks to ensure laws are "current, competitive, and reflect international best practice and standards".
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Bahamas ‘on probation’: 17-step action plan cure
The Government has detailed a 17-step ‘action plan’ to strengthen the Bahamas’ anti-money laundering regime, with a top regulator describing this nation as “on probation” over increasing weaknesses.
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Bahamas' case for lesser KYC regime still 'not sufficient'
The Bahamas cannot rely on the Central Bank’s “low risk” finding alone to persuade international regulators it should lower an onerous compliance burden, an ex-attorney general is arguing. Alfred Sears QC, who held the post from 2002-2007, told Trib
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Critical financial crime Bills to pass next week
THE Government yesterday said it remained focused on “shoring up” weaknesses in its anti-money laundering and counter terrorist financing (AML/CTF) regime, ahead of a June inspection.K Peter Turnquest, Deputy Prime Minister told Tribune Business that
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Legislation on securities introduced
PRIME Minister Dr Hubert Minnis led debate in the House of Assembly yesterday on legislation that will amend the Securities Industry Act and Insurance Act.
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Financial services faces 'more of same' in 2020
The Bahamian financial services industry can “expect more of the same” from global regulatory initiatives in 2020, a senior executive said yesterday, with financial technology (Fintech) driving its evolution. Tanya McCartney, the Bahamas Financial S
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Compliance chief 'stays step ahead'
The founder and president of the Bahamas Association of Compliance Officers (BACO) has armed herself for a more rigorous regulatory climate by attaining another degree.Cheryl Bazard said it was critical for compliance professionals to “stay a step ah
