Regulatory Alerts2024-01-03
Added · Updated
Securities Commission of The Bahamas Notice on FATF Public Statement on High-Risk Jurisdictions
The Securities Commission of The Bahamas informs licensees and registrants that the Financial Action Task Force’s calls for action regarding the Democratic People’s Republic of Korea, Iran, and Myanmar remain in effect. Licensees and registrants are required to apply enhanced due diligence and, in serious cases, counter-measures to business relationships and transactions involving these jurisdictions to mitigate money laundering, terrorist financing, and proliferation financing risks. The notice reminds regulated entities of their existing obligations under the International Obligations (Economic Ancillary Measures) Orders for the DPRK and Iran, directing them to consult specific regulatory orders available on the Commission’s website.