Legal Updates

Know Your Client - KYC

Thursday May 5th, 2011

As a jurisdiction of choice, the Bahamas has complied with recommendations of The Financial Action Task Force of the G-7 countries, and is now recognized as meeting the best international standards for prevention and detection of money laundering. We have also been granted “Qualified Jurisdiction” status by the U.S. government, signifying approval of the “Know Your Customer” rules in place in our financial services sector.

This status facilitates movement of funds in and out of the Bahamas and the holding of U.S. securities by Bahamian financial institutions.

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