Regulatory Alerts2024-02-22
Added · Updated
Bahamas Securities Commission Notice on UN Sanctions List Updates for Democratic Republic of Congo
Licensees and registrants of the Securities Commission of The Bahamas must ensure full compliance with section 3A of the International Obligations (Economic and Ancillary Measures) Act, Part IV of the Anti-Terrorism Act, and regulation 8 of the Anti-Terrorism Regulations following the addition of six individuals to the United Nations Security Council Sanctions List on 20 February 2024. Compliance confirmation must be submitted using Form 1A or 1B within 30 days of the notice and quarterly thereafter, including submissions for cases with no matches. An annual declaration signed by at least two directors or one director and the compliance officer is required by 31 January each year. Failure to submit these reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.