Regulatory Alerts2024-04-17
Added · Updated
Securities Commission of The Bahamas Notice on UN Sanctions List Amendment for DPRK Entity
Licensees and registrants of the Securities Commission of The Bahamas must ensure full compliance with section 3A of the International Obligations (Economic and Ancillary Measures) Act following the United Nations Security Council's amendment of its Sanctions List for the Democratic People’s Republic of Korea on 15 April 2024. Affected entities are required to confirm compliance within 30 days of the notice and quarterly thereafter using Form 1A or 1B, and must file an annual declaration by 31 January signed by at least two directors or one director and the compliance officer. Any matches involving sanctioned individuals or entities must be reported immediately to the Financial Intelligence Unit and the Director of Legal Affairs, while failure to submit required reports may result in disciplinary action including a minimum fine of $200.00 per day.