Regulatory Alerts2024-01-15
Added · Updated
Securities Commission of The Bahamas Notice on UN Sanctions List Amendments
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 regarding the United Nations Security Council's amendments to the ISIL (Da’esh) and Al-Qaida Sanctions List enacted on 14 December 2023. Compliance confirmation is required within 30 days of the notice date and quarterly thereafter using Form 1A or 1B, while an annual declaration signed by directors or the compliance officer must be filed by 31 January each year. Failure to submit these required reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.
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