The Commission is an independent statutory authority responsible for enforcing compliance with the anti-money laundering rules and regulations found in the Financial Transactions Reporting Act, 2000(FTRA); the Financial Transactions Reporting Regulations, 2000; and the Financial Intelligence (Transactions Reporting) Regulations 2001, by designated financial institutions which are not otherwise regulated for this purpose.
There are five other government agencies responsible for enforcing compliance with the provisions of the FTRA by financial institutions that they regulate. These other agencies are the Central Bank of the Bahamas for activities regulated under the Banks and Trust Companies Regulation Act; the Securities Commission for activities regulated under the Securities Industry Act and the Mutual Funds Act; the registrar of Insurance for activities regulated under the Insurance Act and the External Insurance Act; the Inspector of Financial and Corporate Service Providers for activities licensed or registered under the Financial and Corporate Service Providers Act and the Gaming Board in respect of licensees which are subject to its regulation. The Commission is the only body that does not license the activities of the financial institutions which it supervises.
The FTRA sets out the anti-money laundering rules concerned with customer identification, recordkeeping and reporting of suspicious transactions to the Financial Intelligence Unit. The Financial Intelligence (Transactions Reporting) Regulations prescribes the internal policies, controls and procedures including the appointment of a Money Laundering Reporting Officer, which financial institutions are obliged to implement.
The Commission comprises of three members appointed by the Governor-General with experience collectively in the areas of banking, industry, law and law enforcement.
The Commission commenced its operation on 1st January 2001. The secretariat of the Commission is located in the Ministry of Finance, Sir Cecil Wallace-Whitfield Centre, Cable Beach, Nassau, Bahamas.
Members of the Bahamas Compliance Commission
The members of the Commission for the period July 1st 2002 - December 31st 2003 are Mr. John Kenning, O.B.E., a retired banker; Bishop Lester Cox; and Attorney Rowena Bethel, Legal Adviser, Ministry of Finance. The Inspector for the Compliance Commission is Mr. Stephen Thompson.