In 2012, the Financial Action Task Force (FATF) commenced a global push toward increased transparency in financial transactions to combat money laundering and terrorist financing efforts more effectively. In 2018, the Bahamas Government passed the Financial Transactions Reporting Act to join this global effort, thereby protecting the investment grade of The Bahamas and reinforcing its status as a trusted country for international investment.
This law requires all real estate agents and developers (as well as attorneys) to obtain Know Your Client/Customer (KYC) information on both the buyer and seller in a real estate sale or purchase. The KYC is then securely retained for a specific period before being destroyed.
All real estate sellers and buyers must complete a KYC form which includes the person’s name, country of residence and business, and a copy of two government-issued identifications and proof of residence address.