Regulatory Alerts2024-11-15
Added · Updated
Securities Commission of The Bahamas Notice on UN Sanctions List Update for South Sudan
Licensees and registrants of the Securities Commission of The Bahamas must confirm compliance with UN sanctions regarding South Sudan within 30 days of this notice and quarterly thereafter by submitting Form 1A or 1B. Any matches with sanctioned individuals or entities must be reported immediately to the Financial Intelligence Unit and the Director of Legal Affairs, while negative results must also be filed with the Commission. Additionally, registrants and licensees are required to file an annual declaration of full compliance by January 31 each year, signed by at least two directors or one director and the compliance officer. Failure to submit these required reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.