NASSAU, BAHAMAS — The Securities Commission (SCB) has launched a public consultation on its draft Digital Assets and Registered Exchanges Anti-Money Laundering and Countering the Financing of Terrorism rules.
The rules will establish a legislative anti-money laundering (AML) and countering the financing of terrorism (CFT) framework applicable to Digital Asset Businesses registered under the Digital Assets and Registered Exchanges Act, 2020.
The SCB noted that the draft rules are aligned with international standards and developments with respect to AML/CFT requirements for virtual asset service providers. The draft rules establish the mandatory standards with which applicable registrants under DARE must comply in order to implement the requirements of AML/CFT legislation, including the Financial Transactions Reporting Act, 2018, the Proceeds of Crime Act, 2018 and the Anti-Terrorism Act, 2018.
The SCB noted that the the draft rules principally address the implementation of risk rating framework; internal control procedures including suspicious transaction reporting; customer identity verification, including third party verification and eligible introducers; and record keeping.
The draft rules also include requirements that take into account some particular characteristics of virtual assets. The consultation period commenced on March 30 and ends on April 29, 2022.
