Bahamas Securities Commission Implements New Compliance Training Requirements for Financial Professionals
New Requirements Ensure Adequate AML/CFT Knowledge for Financial Professionals
Nassau, Bahamas - The Securities Commission of the Bahamas has introduced a new set of compliance training requirements for financial professionals in the country. These requirements aim to ensure that individuals working in the securities industry possess the necessary knowledge and skills to prevent and detect money laundering (AML) and terrorist financing (CFT).
Recognized Examinations and Certifications
The Commission has approved several international certifications and exams as meeting the AML/CFT compliance training requirements. These include:
- Certified International Risk Manager (CIRM): A globally recognized certification that demonstrates expertise in risk management.
- Certified Securities Compliance Professional (CSCP): A certification that highlights knowledge of securities compliance regulations and practices.
- Anti-Money Laundering Specialist (ACAMS) designation: A recognized credential for professionals working in anti-money laundering.
Regional Exams and Certifications
In addition to international certifications, the Commission has also recognized several regional exams and certifications:
- Canadian Securities Course (CSC): A comprehensive course that covers Canadian securities regulations and practices.
- Series 7 - General Securities Representatives Examination: An exam that assesses knowledge of general securities products and services.
Approved Certifications by the UK Securities Institute
The Commission has also approved two certifications offered by the UK Securities Institute:
- Certification in Securities Advice and Dealing: A certification that demonstrates expertise in securities advice and dealing.
- Certificate in Securities and Financial Derivatives: A certificate that highlights knowledge of securities and financial derivatives.
Registration Categories Affected
The new requirements apply to a range of registration categories, including:
- Chief Executive Officer (CEO)
- Compliance Officer
- Advising Representative
- CFD Supervisory Officer
- Discretionary Management Representative
- Trading Representative
- CFD Trading Representative
Importance of Compliance Training
The Securities Commission emphasizes the importance of compliance training for financial professionals. “These new requirements demonstrate our commitment to ensuring that individuals working in the securities industry have the necessary knowledge and skills to prevent and detect money laundering and terrorist financing,” said a spokesperson for the Commission.
Review and Compliance
Financial institutions and registrants are encouraged to review the list of recognized and qualifying examinations and ensure compliance with the new requirements by the applicable deadlines. Failure to comply may result in penalties or other consequences.
The Securities Commission of the Bahamas will continue to monitor and update the list of approved exams and certifications as necessary to ensure that financial professionals have access to relevant training and education.