Registration Requirements - Compliance Commission Bahamas
Welcome to the Compliance Commission of The Bahamas Registration Procedures:
Registration is mandatory and is required by all financial institutions within the definition of section 32(2) of the Financial Transactions Reporting Act, 2018 (FTRA, 2018). (Click Here to review Legislation).
The primary purpose of registration is to allow the Compliance Commission (the Commission) to identify for supervision, all Designated Non-Financial Business and Profession (DNFBP) that provide prescribed financial services and are subject to Anti-Money Laundering (AML),Counter-Terrorist Financing (CFT) and Counter-Proliferation Financing (CPF) supervision.
Financial institutions, established before the coming into force of the FTRA, 2018, which fail to register with the Commission within one month, or established after the coming into force of the FTRA, 2018, which fail to register within one month following the commencement of business, commits an offence and is liable to a penalty of five thousand dollars ($5,000.00) for each day that the financial institution remains unregistered.
Any change in the registered office, principal place of business, beneficial ownership, director, partner, compliance officer and money laundering reporting officer, the financial institution is required to notify the Commission within three (3) months of such change. Failure to notify the Commission as required under law, the financial institution commits an offence and is liable to a penalty of five thousand dollars ($5,000.00) for each failure.
Click Here for On-line Registration
Online Registration Date TBA.
Please contact the Compliance Commission for Registration.
- Is the DNFBP required to submit to an AML/CFT On-site examination? Only those DNFBPs offering prescribed financial services pursuant to sections 4 as outlined below are required to submit to an AML/CFT on-site examination:
- Friendly Society enrolled under the Friendly Societies Act, Chapter 313;
- Real Estate Agents and Brokers, when they are involved as real estate broker in financial transactions for their client concerning the buying or selling of real estate, and with respect to both the vendors and purchasers.
- Land developer engaged in the sale or partition or condominiumizing of any part, parcel,lot or condominium unit of any larger tract or lot of land or any development of land involving the building of units sharing walls, common areas and utilities.
- A person whose business or any part of whose business consists of –
- buying for the purpose of trade, sale, exchange, or otherwise dealing in any previously owned precious metals or precious stones, whether altering the same after acquisition or not: or
- lending of cash on the security of previously owned precious metals or precious stones of which the person take possession, but not ownership, in expectation of profit, gain or reward.
- Trustees, administration managers or investment managers of a superannuation scheme.
- Any person in the business of borrowing or lending or investing money;
- Any person in the business of administering or managing funds on behalf of other persons;
- Any person which, as a business, prepare for and carry out or otherwise provide the following services or transactions to third parties – “acting as, or arranging for another person to act as, a trustee of an express trust or performing the equivalent function for another, similar form of legal arrangement.”
- Any person in the business of providing financial services that involves the transfer or exchange of funds, including (without limitation) services relating to financial leasing, money transmissions, credit cards, debit cards, treasury certificates, bankers draft and other means of payment, financial guarantees, safekeeping of cash and liquid securities, and money changing; [this EXCLUDES the provision of financial services that consist solely of the provision of financial advice and security guard services within the meaning of the Inquiry Agents and Security Guards Act].
- A counsel and attorney or accountant when they engage in, or carry out transactions for a client concerning- (i) the buying and selling of real estate; (ii) a deposit or investment of cash; (iii) the management of client funds or securities; (iv) the management of bank, savings or securities accounts; (v) the organization of contributions for the creation, operation or management of a legal person; (vi) the creation, incorporation, operation or management of a legal person or legal arrangement, and buying and selling of a business entity; (vii) the provision of a registered office or acting as a registered agent; (viii) the acting as or arranging for another person to act as, a nominee shareholder for another person.
- An accountant, but only to the extent that the accountant receives cash in the course of that person’s business for the purposes of deposit or investment otherwise than as part of services rendered pursuant to a financial and corporate service provider’s licence.
NB: In any case where the preceding activities form an integral part of the business services or products offered by a financial institution which is regulated by the Central Bank, the Securities Commission, the Registrar of Insurance or the Gaming Board, then for the purposes of the Financial Transactions Reporting Act, such institution is subject to the supervisory control of the regulator that has responsibility for its licensing.