Regulatory Alerts2023-04-27
Added · Updated
Securities Commission of The Bahamas Notice on UN Sanctions List Updates and Compliance Obligations
The Securities Commission of The Bahamas informs licensees and registrants that the UN Security Council added two individuals to the ISIL (Da’esh) and Al-Qaida Sanctions List on 26 April 2023. Licensees and registrants must confirm compliance with section 3A of the International Obligations (Economic and Ancillary Measures) Act within 30 days of the notice and quarterly thereafter by submitting Form 1A or 1B. Additionally, they are required to file an annual declaration of full compliance signed by two directors or one director and the compliance officer by 31 January each year. Failure to submit these reports may result in disciplinary action, including a minimum fine of $200.00 per day.
Topics
Share