Regulatory Alerts2025-07-17
Added · Updated
GFSR Bahamas Targeted Financial Sanctions Reporting Forms Guidance Notes
The Group of Financial Services Regulators mandates that financial institutions submit four specific Targeted Financial Sanctions Reporting Forms: Form A for immediate positive matches, Form B for quarterly screening confirmations, and Forms C and D for annual declarations regarding 2018 and 2019 International Obligations Orders. Institutions must file Form A within 24 hours of receiving notice, Form B within five calendar days after each quarter-end, Form C by December 31 annually, and Form D within 90 days after the calendar year-end. Failure to comply with these reporting requirements or to screen systems against sanction notices subjects financial institutions to penalties, including fines up to $250,000 under the Anti-Terrorism Act.