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Bahamas Statutory Instruments |
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MINISTRY OF FINANCE |
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S.I. No. 103 of 2003 |
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FINANCIAL TRANSACTIONS REPORTING |
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ACT, Ch. 368 |
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FINANCIAL TRANSACTIONS REPORTING |
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(AMENDMENT) REGULATIONS, 2003 |
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The Minister, in exercise of the powers conferred by section 50 of the Financial Transactions Reporting Act makes the following regulations - |
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1.(1)
These regulations which amend
the Financial Transactions Reporting Regulations may be cited as
the Financial Transactions Reporting
(Amendment) Regulations,
2003.
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Citation and commencement. |
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(2)
These regulations shall come
into force on the 1st day of January , 2004.
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Amendment of regulation 2 of the principal regulations. |
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2.
Regulation 2 of the principal
regulations is amended by the deletion of the figures "$10,000.00"
and the substitution of the figures
$15,000.00".
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3.
Regulation 3 of the principal
Regulations is repealed and replaced by the following -
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Repeal and replacement 3 of the principal regulations. |
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"Procedure for verification.
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3.(1) For the purposes of section 11(1) of the Act, where a financial institution is required to verify the identity of any individual the following information is required - |
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(a)
full and correct name of the
individual;
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(b)
address;
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(c)
date and place of birth;
and
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(d)
purpose of the account and the
nature of the business relation-ship.
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(2)In addition to the requirements mentioned in sub-paragraph
(1) the following information may be required -
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(a)
source of funds;
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(b)
signature;
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(c)
telephone and fax number (if
any);
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(d)
occupation and name of employer
(if self employed, the nature of the self employment);
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(e)
copy of the relevant pages of
passport, drivers licence, voters card, national identity card or
such other identification document
bearing a photographic likeness
of the individual as is reasonably capable of establishing the
identity of the individual; or
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(f)
such documentary or other
evidence as is reasonably capable of establishing the identity of
that individual".
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4.
Regulation 4 of the principal
regulations is amended by the deletion of the words "Where a
financial institution is required to verify
the identity of an
corporate entity whether incorporated in The Bahamas or else-where,
the following information is required" and
the substitution
therefor of the following -
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Amendment of regulation 4 of the principal regulations. |
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"For the purposes of section 11(1) of the Act where a financial institution is required to verify the identity of any corporate entity whether incorporated in The Bahamas or elsewhere, the following information may be required - " |
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5.
Regulation 5 of the principal
regulations is amended by the deletion of the words "Where a
financial institution is required to verify
the identity of
partnerships or other unincorporated businesses, the following
information is required -" and the substitution of
the following
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Amendment of regulation 5 of the principal regulations. |
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"For the purposes of section 11(1) where a financial institution is required to verify the identity of partnerships or other unincorporated businesses, the following information may be required -" |
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6.
Regulation 5(A) of the
principal regulations is amended by the insertion immediately after
paragraph (h) of the following -
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Amendment of regulation 5(A) of the principal regulations. |
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"(i)
any Bahamian dollar facility of
or below the amount prescribed under regulation 2 ."
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7.
The principal regulations are
amended by the insertion immediately after regulation 7 of the
following regulation -
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Amendment of regulation 7 of the principal regulations. |
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"Verification of beneficial
owners.
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7A. Any obligation to verify the identity of a facility holder under Part II of the Act shall include an obligation to verify the identities of the beneficial owners of such facility in accordance with these Regulations: |
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Provided however, that in the case of the verification of identity of a corporate entity, the obligation to verify the identity of beneficial owners will only be required for those beneficial owners having a controlling interest in the corporate entity.". |
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8.
Regulation 9 of the principal
regulations is repealed and replaced by the following-
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Amendment of regulation 9 of the principal regulations. |
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"Continued verification of
accounts
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9.(1) Once verification of identity of a facility holder has been completed no further verification of identity is necessary unless there is a material change in the way the facility is operated. |
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(2)Financial institutions shall monitor facility holders for
consistency with the facility holders stated account purposes
during the
business relationship.".
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Made this 31st day of December, 2003. |
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Signed |
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PERRY G. CHRISTIE |
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Minister of Finance |
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