Press Release: Guidelines to Assess the Fitness and Propriety of Compliance Officers

Press Release

Guidelines to Assess the Fitness and Propriety of Compliance Officers

The Central Bank of The Bahamas advises the public of the release of its Guidelines to Assess the Fitness and Propriety of Compliance Officers (the Guidelines). The Guidelines reflect feedback received following the 20 May 2026 industry consultation, where Supervised Financial Institutions (SFIs) sought clarity regarding authorisation and reporting requirements, outsourcing, term references, and further details on standardised qualifications for a Compliance Officer (CO). Taking the responses into consideration, the revised Guidelines affirm the Central Bank's ongoing efforts to strengthen the governance framework for an independent and adequately resourced compliance function. The Guidelines introduce the authorisation and due diligence requirements for the approval of the CO and require the submission of an annual attestation by SFIs.

The Central Bank's responses to comments and questions received from industry stakeholders during the consultation period may be accessed on the Central Bank's website at www.centralbankbahamas.com via the following path: Core Functions → Bank Supervision Department → Consultation Documents.

The approved Guidelines may be accessed on the Central Bank's website at www.centralbankbahamas.com via the following path: Core Functions → Bank Supervision Department → Guidelines → Regulated Functions → Guidelines to Assess the Fitness and Propriety of Compliance Officers.

The Central Bank welcomes any comments or enquiries regarding the Guidelines following their release and adoption by SFIs. Such feedback should be submitted by 13 October 2026 and directed to the following:

Policy Unit

Bank Supervision Department

E-mail : [email protected]