Money laundering seeks to disguise the origins and true ownership of funds. It is used to legitimize the proceeds of criminal activity and to conceal the funding of illegal activities such as terrorism. The continuing evolution and rapid development of anti-money laundering and countering the financing of terrorism (AML/CFT) laws and regulations in The Bahamas and globally has given organizations a greater responsibility to prevent, detect and report money laundering.

KPMG professionals routinely evaluate compliance with the local AML/CFT laws and related guidelines. Our tailored approach is results-oriented and is supported by global experience, methodologies, technologies, and training. We provide practical methodologies that are tailored to fit the institutions we serve.

KPMG works with organizations to understand their risk profile and address the factors they need to consider to help prevent money laundering and comply with domestic and international requirements.

Our services include:

• Advice on AML/CFT requirements
• Assistance with risk assessments
• Gap analysis and benchmarking against regulatory requirements and leading industry practices
• Design and implementation of appropriate AML/CFT policies and procedures
• Review of customer on boarding, KYC, customer due diligence, enhanced due diligence, and risk rating processes
• Remediation or “look back” reviews in relation to existing customers and/or transactions
• AML systems implementation
• Assistance with transaction monitoring and suspicious activity reporting
• Independent testing
• Training and awareness