Regulatory Alerts2017-07-03
Added · Updated
Guideline on the Management of Accounting Records
Licensees registered under the Financial and Corporate Service Providers Act must maintain reliable accounting records for their own operations and for International Business Companies or Exempted Limited Partnerships where they act as directors, general partners, or registered agents. These records must document all sums received and expended, remain accessible for at least five years, and meet specific reliability standards, with an exemption for licensees having annual turnover not exceeding $50,000. Additionally, licensees are required to notify the Inspector in writing within five days if they resign from an appointment due to a client's failure to maintain compliant records. All licensees must submit a Compliance Declaration to the Securities Commission of The Bahamas within ninety days of the guideline's issuance and annually by January 31 thereafter.