Regulatory Alerts2024-05-24
Added · Updated
Securities Commission of The Bahamas Notice on Al-Shabaab Sanctions Compliance
Licensees and registrants of the Securities Commission of The Bahamas must confirm compliance with UN Security Council sanctions regarding Al-Shabaab by submitting Form 1A or 1B within 30 days of the notice and quarterly thereafter. Any matches involving sanctioned individuals or entities must be reported immediately to the Financial Intelligence Unit and the Office of the Attorney General, while confirmations of no findings must also be submitted to the Commission. Additionally, these entities are required to file an annual compliance declaration signed by at least two directors or one director and the compliance officer by January 31 each year. Failure to submit the required reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.