Financial Crime World

Here is the rewritten article in markdown format:

Banking Regulations and Compliance in Bahamas: Understanding the Requirements

The Bahamas Financial Transactions Reporting Act (FTRA), 2018 requires all financial institutions within the country to register with the Compliance Commission. This registration is mandatory for all Designated Non-Financial Business and Profession (DNFBP) entities that provide prescribed financial services.

Registration Requirements

  • Any financial institution that fails to register with the Commission within one month of its establishment commits an offence and may be liable to a penalty of $5,000 per day until registration is completed.
  • Changes to the registered office, principal place of business, beneficial ownership, director, partner, compliance officer, or money laundering reporting officer must be notified to the Commission within three months.

Responsibilities of the Compliance Commission

The Compliance Commission is responsible for identifying and supervising all DNFBPs that provide prescribed financial services and are subject to Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Counter-Proliferation Financing (CPF) supervision. Only those DNFBPs offering such services will be required to submit to an AML/CFT on-site examination.

Designated Non-Financial Business and Professions

The following entities are considered DNFBPs and are subject to the FTRA’s requirements:

  • Friendly societies enrolled under the Friendly Societies Act
  • Real estate agents and brokers involved in financial transactions for clients concerning the buying or selling of real estate
  • Land developers engaged in the sale or partition of land or condominium units
  • Businesses that buy, sell, exchange, or deal in previously owned precious metals or stones
  • Trustees, administrators, or investment managers of superannuation schemes
  • Individuals or businesses involved in borrowing or lending money, administering funds, or providing financial services
  • Counsel and attorneys or accountants who engage in transactions for clients involving real estate, cash deposits, fund management, or other financial activities

Additional Entities Subject to the FTRA’s Requirements

Entities regulated by the Central Bank, Securities Commission, Registrar of Insurance, or Gaming Board are also subject to the FTRA’s requirements.

Next Steps

For more information on registering with the Compliance Commission, please visit their website or contact them directly.