|
MINISTRY OF FINANCE |
S.I. No. 103 of 2003 |
FINANCIAL TRANSACTIONS REPORTING |
ACT, Ch. 368 |
FINANCIAL TRANSACTIONS REPORTING |
(AMENDMENT) REGULATIONS, 2003 |
The Minister, in exercise of the
powers conferred by section 50 of the Financial Transactions Reporting Act
makes the following regulations - |
1.(1) These regulations which amend
the Financial Transactions Reporting Regulations may be cited as the Financial
Transactions Reporting (Amendment) Regulations, 2003. | Citation and commencement. |
(2) These regulations shall come
into force on the 1st day of January , 2004. | Amendment of regulation 2 of the
principal regulations. |
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". |
3. Regulation 3 of the principal
Regulations is repealed and replaced by the following - | Repeal and replacement 3 of the
principal regulations. |
|
"Procedure for verification.
|
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 -
|
| | (a) full and correct name of the
individual; |
| | |
| | (c) date and place of birth;
and |
| | (d) purpose of the account and the
nature of the business relation-ship. |
| | (2)In addition to the requirements
mentioned in sub-paragraph (1) the following information may be required - |
| | |
| | |
| | (c) telephone and fax number (if
any); |
| | (d) occupation and name of employer
(if self employed, the nature of the self employment); |
| | (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 |
| | (f) such documentary or other
evidence as is reasonably capable of establishing the identity of that
individual". |
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 - | Amendment of regulation 4 of the
principal regulations. |
"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 - " |
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 - | Amendment of regulation 5 of the
principal regulations. |
"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
-" |
6. Regulation 5(A) of the
principal regulations is amended by the insertion immediately after paragraph
(h) of the following - | Amendment of regulation 5(A) of the
principal regulations. |
"(i) any Bahamian dollar facility
of or below the amount prescribed under regulation 2 ." |
7. The principal regulations are
amended by the insertion immediately after regulation 7 of the following
regulation - | Amendment of regulation 7 of the
principal regulations. |
"Verification of beneficial
owners. |
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: |
| | 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.". |
8. Regulation 9 of the principal
regulations is repealed and replaced by the following- | Amendment of regulation 9 of the
principal regulations. |
"Continued verification of
accounts |
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. |
| | (2)Financial institutions shall
monitor facility holders for consistency with the facility holders stated
account purposes during the business relationship.". |
| | Made this 31st day of December, 2003. |
| | Signed |
| | PERRY G. CHRISTIE |
| | Minister of Finance |