This Notice is issued by The Compliance Commission of The Bahamas (“the Commission”) to advise of the enactment of the Financial Transactions Reporting Act 2018 (“FTRA 2018”) which was enacted on 25th May, 2018.

The FTRA 2018 now extends the definition of a Designated Non-Financial Business Profession (“DNFBP”).  Additionally, the FTRA 2018 contains mandatory registration for Financial Institutions regulated by the Commission accompanied by penalties for failure to register, additional sanctions and administrative penalties.  Moreover, pursuant to the FTRA 2018, financial institution must notify the Commission within three (3) months of any change in its beneficial ownership, director, partner, compliance officer, money laundering reporting officer, registered office or principal place of business. Please note that these crucial changes discussed are not exhaustive.

Any questions regarding this Notice may be directed to the Inspector in writing at P.O. Box N-3017 Nassau, Bahamas or delivered to the Commission, 2nd floor, Charlotte House, Charlotte and Shirley Street, Nassau, Bahamas.  The Commission may also be contacted via email at compliance@bahamas.gov.bs.