Regulatory Alerts2020-11-24
Added · Updated
Guidance Note on the Automatic Exchange of Financial Account Information Act, 2016
The Securities Commission of The Bahamas requires its registrants classified as Financial Institutions to comply with the Automatic Exchange of Financial Account Information Act, 2016 by registering with the Competent Authority if they maintain Reportable Accounts. Registrants must apply for de-registration within 90 days of the end of a calendar year if they no longer hold such accounts and must file information returns with the Competent Authority on or before 30 September for the previous fiscal year. The guidance defines specific thresholds for entity classification, such as a 20% gross income test for Custodial Institutions and a 50% test for Investment Entities, while mandating the maintenance of self-certifications and specific account data for all new and pre-existing accounts exceeding $250,000.