NASSAU, BAHAMAS — The Bahamas’ gaming industry regulator is stepping up preparations to ensure its gaming sector is fully ready for the Caribbean Financial Action Task Force (CFATF) mutual evaluation in 2026, a review that could significantly impact the jurisdiction’s reputation.
Terah Rahming, Secretary, The Gaming Board speaking on the sidelines of the regulator’s industry briefing at Baha Mar on Monday stated: ““The Bahamas in 2026 will undergo a mutual evaluation by the Caribbean Financial Action Task Force. We are trying to get the licensees prepared for that process because this time around, they are going to be interviewing some of our licensees, and we want to make sure that the Bahamas as a jurisdiction is represented accurately. If we don’t get it right and ensure licensees are prepared, it could negatively impact the jurisdiction that is the main source of this industry,” Rahming said. “We want to ensure stakeholders understand the importance of the mutual evaluation.”
She added: “The goal is to bring everyone together. We are trying to make room for a collaborative effort between the licensees and the regulator. We need to have consistent communication between each other to know what is needed and understand from the consensus what we are doing correctly,” she added.
Rahming said preparation efforts include deploying inspectors across all local gaming houses and casino floors, where they will use checklists to assess customer suitability, verify identification, monitor account openings, and ensure proper procedures for domestic players.
Monica Stuart, General Counsel for the Gaming Board of The Bahamas, emphasized the importance of feedback from stakeholders. “We are letting operators know what needs improvement and what’s working well. As it relates to what may require improvement, we give them updates on various AML/CFT matters, mostly compliance reports, know your customer requirements, withdrawal limits.”
Rahming added: “We have been working with them for a few months now, especially on updating their training programs and ensuring compliance officers are aware of new and emerging risks in the gaming industry. We have also done joint training with our licensees in areas of how to report suspicious transactions effectively.”
