The Securities Commission of the Bahamas (“the Commission”) requires that its licensees and registrants self-assess their identified risk, (Conduct of Risk Assessment of the Financial Transactions Reporting Act, 2018), inclusive of the Prevention of Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF), and develop a comprehensive risk management system in order to take appropriate measures to manage and mitigate those risks.
Risk Management Framework
A portion of the assessment requires the incorporation of continuous identification, measurement, monitoring and control of those risks. Additionally, every financial institution shall carry out a risk assessment
prior to the launch of a new product or business practice;
prior to the use of new or developing technologies; or
when there is a major event or development in the management and operation of the group.