KNOW YOUR CUSTOMER POLICIES STRENGTHENED
…Significant Factor of New Legislative Package
The Chairman of the Bahamas Financial Services Board has described the new package of financial services legislation now in force as “very strong and robust”.
Importantly, there has been tremendous focus on strengthening the Know Your Customer (KYC) policies as part of the legislative changes. According to Chairman Ian Fair, this has improved The Bahamas’ position in achieving Qualified Jurisdiction status under new withholding regulations of the US Internal Revenue Service. IRS approval of a nation’s KYC policies is a prerequisite for QJ status.
Ian Fair, Chairman
Bahamas Financial Services Board