Regulatory Alerts2024-10-07
Added · Updated
Securities Commission of The Bahamas Notice on Haiti Sanctions List Update
Licensees and registrants of the Securities Commission of The Bahamas must confirm compliance with UN Security Council sanctions regarding Haiti by submitting Form 1A or 1B within 30 days of this notice and quarterly thereafter. Any matches involving sanctioned individuals Victor Prophane or Elan Luckson must be reported immediately to the Financial Intelligence Unit and the Office of the Attorney General, while negative results must also be filed with the Commission. Additionally, registrants 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 these required reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.