Compliance Commission of The Bahamas
Financial Services - Nassau, N/A, BS
Compliance Commission of The Bahamas Employees
Compliance Commission of The Bahamas Details
The Compliance Commission of The Bahamas (the Commission) is an Independent Statutory Authority established under section 39 of the Financial Transactions Reporting Act, 2000) and continues in existence under section 31 of the Financial Transactions Reporting Act, 2018 (FTRA, 2018). This Statutory Body exist for the express purpose of ensuring that financial institutions within its remit (as set out in section 32(2) and subsequently in sections 3 and 4 of the FTRA, 2018), comply with the provisions of the FTRA. The Commission commenced its operation on January 1st 2001 as the Anti-Money Laundering Regulatory Authority for Designated Non-Financial Business and Profession specified in section 4 paragraphs (a), (b), (c), (e), (f), (g) (iv), (h), (i), (j), and (k) of the FTRA, 2018, inclusive of real estate agents and brokers, land developers, dealers in precious metals, precious stones and pawn shops, lawyers, accountants and designated government agencies. Although it is an independent agency, the Commission falls within the responsibility of the Minister of Finance.VISIONA robust risk-based supervisory regime that ensures Designated Non-Financial Business and Profession (DNFBPs) understand their obligations to effectively assess, manage and mitigate money laundering, terrorist & proliferation financing and related risks.MISSION STATEMENTTo ensure that Designated Non-Financial Business and Profession (DNFBPs) supervised by The Compliance Commission meet best international standards and practices, consistent with the provisions of Bahamian AML/CFT legislation, aimed at maintaining the Bahamas' reputation as a leading international business center.
