Regulatory Alerts2025-06-27
GFSR Bahamas Targeted Financial Sanctions Reporting Forms Guidance Notes
The Group of Financial Services Regulators (GFSR) Bahamas has issued guidance notes establishing four standardized reporting forms for financial institutions to comply with targeted financial sanctions. Licensees and registrants must submit Form A for positive matches within 24 hours, Form B quarterly to confirm database screening, and Forms C and D annually to declare compliance with Iraq, Afghanistan, DPRK, and Iran sanctions orders. The framework mandates director or compliance officer sign-offs, aligns reporting with UN Security Council lists, and imposes fines up to $250,000 for non-compliance with the Anti-Terrorism Act.
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