Regulatory Alerts2024-03-14
Added · Updated
Securities Commission of The Bahamas Notice on UN Sanctions List Amendment for DPRK
Licensees and registrants of the Securities Commission of The Bahamas must confirm compliance with UN Security Council sanctions regarding the Democratic People’s Republic of Korea within 30 days of the notice date and quarterly thereafter by submitting Form 1A or 1B. Any matches with sanctioned entities, such as the Ministry of the People’s Armed Forces, must be reported immediately to the Financial Intelligence Unit and the Director of Legal Affairs. 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.