CHAPTER
368
FINANCIAL TRANSACTIONS REPORTING |
ARRANGEMENT OF
SECTIONS |
SECTIONS |
PART I
PRELIMINARY PROVISIONS |
|
|
Definition of "financial institution". |
Amounts not in Bahamian currency. |
|
PART II
OBLIGATIONS ON FINANCIAL INSTITUTIONS TO VERIFY IDENTITY |
Financial institutions to verify identity of
facility holders. |
Financial institutions to verify identity of
persons conducting certain occasional transactions. |
Verification where persons acting on behalf of
others in respect of occasional transactions. |
Verification where facility holders acting on
behalf of others. |
Application of sections 8 and 9 in relation to
beneficiaries under a trust. |
Procedures for verifying identity. |
|
|
PART III
OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS |
Financial institutions to report suspicious
transactions. |
Auditors to report suspicious transactions. |
Protection of persons reporting suspicious
transactions. |
Legal professional privilege. |
Suspicious transaction reports not to be
disclosed. |
Protection of identity of persons making
suspicious transaction reports. |
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|
Application of information. |
PART IV
RETENTION OF RECORDS |
Obligation to keep transaction records. |
Obligation to keep verification records. |
Obligation to keep prescribed records. |
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When records need not be kept. |
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PART V
SEARCH WARRANTS |
|
Form and content of search warrant. |
Powers conferred by warrant. |
Person executing warrant to produce evidence of
authority. |
Notice of execution of warrant. |
Custody of property seized. |
Procedure where certain documents seized. |
Disposal of things seized. |
PART VI
COMPLIANCE COMMISSION |
Establishment of Commission. |
Membership of Commission. |
|
Exclusion from membership. |
Functions of the Commission. |
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Meaning of financial institution. |
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PART VII
MISCELLANEOUS PROVISIONS |
Liability of employers and principals. |
Directors and officers of bodies corporate. |
Non-compliance not excused by contractual
obligations. |
|
FIRST SCHEDULE. |
SECOND SCHEDULE - Details to be Included in Suspicious
Transaction Report. |
CHAPTER 368 |
FINANCIAL
TRANSACTIONS REPORTING |
An Act to
impose certain obligations on financial institutions in relation to the conduct
of financial transactions; and for connected purposes. | 40 of 2000
17 of 2001
S.I. 128/2001 |
[Commencement 29th December,
2000
(except sections 12, 20 and 30: 29th June, 2001)] |
PART I
PRELIMINARY PROVISIONS |
1. This Act may be cited as the Financial Transactions
Reporting Act, 2000. | Short title. |
2. (1) In this Act- | Interpretation. |
"accountant"
means a person registered and licensed under the Public Accountants Act,
1991; |
"cash"
means any coin or paper money that is designated as legal tender in the country
of issue and includes bearer bonds, travellers cheques, postal orders and money
orders; |
"Commission"
means the Compliance Commission established under section 39; |
"Comptroller"
has the same meaning as in section 2 of the Customs Management Act; |
"counsel and
attorney" means a counsel and attorney admitted to practice under the Legal
Profession Act, 1992; |
"document"
has the same meaning as in section 2 of the Evidence Act, 1996; |
"facility"
subject to any regulations made under this Act- |
(a) means any
account or arrangement- |
(i) that is provided by a financial institution to a
facility holder; and |
(ii) by,
through or with which a facility holder may conduct two or more transactions
whether or not they are so used; and |
(b) without
limiting the generality of the foregoing, includes- |
(i) a
life assurance policy; |
(ii) membership
of a superannuation scheme; |
(iii) the
provision, by a financial institution, of facilities for safe custody,
including (without limitation) a safety deposit box; |
"facility
holder", in relation to a facility- |
(a) means the
person in whose name the facility is established; |
(b) without
limiting the generality of the foregoing, includes- |
(i) any
person to whom the facility is assigned; and |
(ii) any
person who is authorised to conduct transactions through the facility; |
(c) in relation
to a facility that is a life assurance policy, means any person who for the
time being is the legal holder of that policy; |
"Financial
Intelligence Unit" means the Financial Intelligence Unit established under
section 3 of the Financial Intelligence Unit Act, 2000; |
"financial
institution" has the meaning given to it by section 3; |
"foreign
financial institution" means a financial institution which, in a country
specified in the First Schedule, exercises functions equivalent to the
corresponding financial institution in The Bahamas and referred to in section
2(3); |
"funds"
means cash, securities, cheques, drafts, bank deposits, payment orders and
other negotiable instruments which are readily convertible into cash; |
"industry
organisation" means any organisation the purpose of which, or one or the
purposes of which, is to represent the interests of any class or classes of
financial institution; |
"Inspector"
means the Inspector of Banks and Trust Companies established under section 9 of
the
Banks and Trust Companies Regulation Act; |
"life
assurance policy" means a policy within the meaning of section 2 of the
Insurance Act; |
"Minister"
means the Minister responsible for the administration of this Act; |
"money
laundering offence" has the same meaning as in the
Proceeds of Crime Act, 2000; |
"occasional
transaction" subject to any regulations made under this Act, means any
transaction- |
(a) that
involves the payment, deposit, withdrawal, debit, repayment, encashment,
exchange, or transfer of cash; and |
(b) that is
conducted by any person otherwise than through a facility in respect of which
that person is a facility holder; |
"prescribed
amount" in relation to Part II, means such amount as is for the time being
prescribed for the purposes of that Part by regulations made under section 51; |
"principal
facility holder" in relation to a facility provided by a financial
institution, means the facility holder or facility holders whom that financial
institution reasonably regards, for the time being, as principally responsible
for the operation, use or administration of that facility; |
"real estate
broker" has the same meaning as in section 2 of the
Real Estate (Brokers and Salesmen) Act, 1995; |
"real estate
transaction" means any matter that involves any work that may be done
only- |
(a) by or under
the supervision of a counsel and attorney by virtue of section 22 of the Legal Profession Act, 1992; or |
(b) by a real
estate broker who holds a licence in force under the Real Estate (Brokers and Salesmen) Act,
1995; |
"superannuation
scheme" means a superannuation scheme within the meaning of the
Superannuation and other Trust Funds (Validation) Act; but does not include- |
(a) any
superannuation scheme established principally for the purpose of providing
retirement benefits to employees where- |
(i) contributions
to the scheme by employees are made only by way of deduction from the salary or
wages of those employees; and |
(ii) the
trust deed governing the scheme (or, as the case requires, the statute under
which the scheme is constituted) does not permit a member to assign his or her
interest in the scheme to any other person; or |
(b) any
superannuation scheme in respect of which no advertisement has been published
inviting the public or any section of the public to become contributors to the
scheme; |
"suspicious
transaction guidelines" means any guidelines for the time being in force; |
"suspicious
transaction report" means a report made pursuant to section 14(1); |
"transaction"- |
(a) means any
deposit, withdrawal, exchange or transfer of funds (in whatever currency
denominated), whether- |
|
(ii) by
cheque, payment order or other instrument; or |
(iii) by
electronic or other non-physical means; and |
(b) without
limiting the generality of the foregoing, includes any payment made in
satisfaction, in whole or in part, of any contractual or other legal
obligation; |
but does not
include any of the following- |
(c) the placing
of any bet; |
(d) participation
in any game of chance defined in the Lotteries and Gaming Act; |
(e) any
transaction that is exempted from the provisions of this Act by or under
regulations made under section 51. |
(2) For the purposes
of this Act, a person becomes a facility holder in relation to a facility when
that person is first able to use the facility to conduct transactions. |
(3)
For the purposes of sections 7(2)(b), 8(6)(c), 9(6)(c), 11(3)(b)(iii) and
11(4)(b)(iii) "financial institution" means those financial
institutions mentioned in paragraphs (a), (b), (e), (f), and (i) of section 3
and the Minister may by order add to, or delete from, the list of such
institutions. |
3. (1) Subject to any regulations made under this Act,
the term "financial institution" means any of the following- | Definition of "financial institution". |
(a) a bank or
trust company, being a bank or trust company licensed under the Banks and Trust Companies Regulation Act; |
(b) a company
carrying on life assurance business as defined in section 2 of the Insurance Act or insurance business as
defined in section 2 of the External Insurance Act; |
(c) a
co-operative society registered under the Co-operative Societies Act; |
(d) a friendly
society enrolled under the Friendly Societies Act; |
(e) a licensed
casino operator within the meaning of the Lotteries and Gaming Act; |
(f) a
broker-dealer within the meaning of section 2 of the Securities Industry Act; |
(g) a real
estate broker, but only to the extent that the real estate broker receives
funds in the course of the person's business for the purpose of settling real
estate transactions; |
(h) a trustee
or administration manager or investment manager of a superannuation scheme; |
(i) a mutual
fund administrator or operator of a mutual fund within the meaning of the Mutual Funds Act, 1995; |
(j) any person
whose business or a principal part of whose business consists of any of the
following- |
(i) borrowing
or lending or investing money; |
(ii) administering
or managing funds on behalf of other persons; |
(iii) acting
as trustee in respect of funds of other persons; |
(iv) dealing
in life assurance policies; |
(v) providing
financial services that involve the transfer or exchange of funds, including
(without limitation) services relating to financial leasing, money
transmissions, credit cards, debit cards, treasury certificates, bankers draft
and other means of payment, financial guarantees, trading for account of others
(in money market instruments, foreign exchange, interest and index instruments,
transferable securities and futures), participation in securities issues,
portfolio management, safekeeping of cash and liquid securities, investment
related insurance and money changing; but not including the provision of
financial services that consist solely of the provision of financial advice; |
(k) a counsel
and attorney, but only to the extent that the counsel and attorney receives
funds in the course of that person's business- |
(i) for
the purposes of deposit or investment; |
(ii) for
the purpose of settling real estate transactions; or |
(iii) to be held in a client account; |
(l) an
accountant, but only to the extent that the accountant receives funds in the
course of that person's business for the purposes of deposit or investment. |
(2) A person shall
not be regarded as a financial institution for the purposes of this Act merely
because that person carries on business as a security guard within the meaning
of section 2 of the Inquiry Agents and Security Guards Act. |
4. (1) Where, for the purposes of any provision of this
Act, it is necessary to determine whether or not the amount of any cash
(whether alone or together with any other amount of cash) exceeds the
prescribed amount, and the cash is denominated in a currency other than Bahamian
currency, the amount of the cash shall be taken to be the equivalent in
Bahamian currency, calculated at the rate of exchange on the date of the
determination, or, if there is more than one rate of exchange on that date, at
the average of those rates. | Amounts not in Bahamian currency. |
(2) For the
purposes of subsection (1), a written certificate purporting to be signed by an
officer of any bank in The Bahamas that a specified rate of exchange prevailed
between currencies on a specified day and that at such rate a specified sum in
one currency is equivalent to a specified sum in terms of the currency of The
Bahamas shall be sufficient evidence of the rate of exchange so prevailing and
of the equivalent sums in terms of the respective currencies. |
5. This Act binds the Crown. | Act to bind the Crown. |
PART II
OBLIGATIONS ON FINANCIAL INSTITUTIONS TO VERIFY IDENTITY |
6. (1) Subject to subsection (5), where any request is
made to a financial institution for a person to become a facility holder
(whether in relation to an existing facility provided by that financial
institution or by means of the establishment, by that financial institution, of
a new facility), that financial institution shall verify the identity of that
person. | Financial institutions to verify identity of facility
holders. |
(2) Where
subsection (1) applies in respect of any request for a person to become a
facility holder in relation to a facility (whether existing or new), the
financial institution shall verify the identity of that person before that
person becomes a facility holder in relation to that facility. |
(3)
Notwithstanding anything in subsection (1) where in relation to a facility
provided by a financial institution there are two or more facility holders, it
shall be necessary for that financial institution to have verified the identity
of every such facility holder. |
(4) Where, during
the course of a business relationship, a financial institution has reason to
doubt the identity of an existing facility holder, the financial institution
shall seek to verify the identity of such facility holder. |
(5)
Notwithstanding anything in subsection (1), nothing in that subsection requires
a trustee or administration manager or investment manager of a superannuation
scheme to verify the identity of any person- |
(a) who becomes
a member of that superannuation scheme by virtue of the transfer, to that
scheme, of all the members of another superannuation scheme; or |
(b) who becomes
a member of a section of that superannuation scheme by virtue of the transfer,
to one section of that scheme, of all the members of another section of the
same scheme. |
(6) In the case of
an existing facility- |
(a) the
financial institution shall verify the identity of the facility holder within
twelve months from the date of commencement of this Act; [i]* |
(b) the
Minister may, if he thinks it expedient, by order extend the period of twelve
months for a further period of up to twelve months; |
(c) where
at the end of the said period of twelve months or further period of up to
twelve months, as the case may be, the financial institution is unable to
verify the identity of the facility holder, the financial institution shall
transfer or assign the facility to the Central Bank of The Bahamas in
accordance with section 16 of the Banks and Trust Companies Regulation Act. |
7. (1) Subject to subsection (2), where any person
conducts an occasional transaction by, through or with a financial institution,
that financial institution shall verify the identity of that person in any case
where- | Financial institutions to verify identity of persons
conducting certain occasional transactions. |
(a) the amount of cash involved in the transaction exceeds the
prescribed amount; or |
(b) the
following conditions apply, namely- |
(i) that
person, or any other person, has also conducted or is conducting one or more
other occasional transactions through that financial institution; |
(ii) the
circumstances in which those transactions have been or are being, conducted
provide reasonable grounds to believe that the transactions have been, or are
being, structured to avoid the application of paragraph (a); and |
(iii) the total amount of cash involved in those
transactions exceeds the prescribed amount. |
(2)
Notwithstanding anything in subsection (1), nothing in that subsection requires
a financial institution to verify the identity of a person who conducts an
occasional transaction (in this subsection referred to as "the
transactor") through that financial institution in any case where- |
(a) that
financial institution is unable to readily determine whether or not the
transaction involves cash because the funds involved in the transaction are
deposited by the transactor into a facility (being a facility in relation to
which that financial institution is a facility holder) provided by another
financial institution; |
(b) the
financial institution has obtained in writing confirmation that the other
financial institution has verified the identity of the person: |
Provided
that such confirmation may be accepted from a foreign financial institution. |
(3) Without
limiting any other factors that a financial institution may consider for the
purpose of determining whether or not any transactions are or have been
structured to avoid the application of subsection (1)(a), a financial
institution shall consider, for that purpose, the following factors- |
(a) the time
frame within which the transactions are conducted; |
(b) whether or
not the parties to the transactions are the same person, or are associated in
any way. |
(4) Where
subsection (1) applies in respect of any transaction, the financial institution
shall verify the identity of the person conducting the transaction- |
(a) where
paragraph (a) of subsection (1) applies, before the transaction is conducted; |
(b) where
paragraph (b) of subsection (1) applies, as soon as practicable after the
conditions specified in the paragraph are satisfied in respect of that
transaction. |
(5) Where
subsection (1) applies in respect of any transaction, the financial institution
shall also ask the person who is conducting or, as the case may be, conducted
the transaction whether or not the transaction is being conducted or was
conducted on behalf of any other person. |
(6) Nothing in
subsection (5) limits section 8. |
8. (1) Subject to subsection (6) and without limiting
section 7, where- | Verification where persons acting on behalf of others
in respect of occasional transactions. |
(a) a person
conducts an occasional transaction by, through or with a financial institution; |
(b) the
amount of cash involved in the transaction exceeds the prescribed amount; and |
(c) the
financial institution has reasonable grounds to believe that the person is
conducting the transaction on behalf of any other person or persons, |
then in
addition to complying with the requirements of section 7, the financial
institution shall verify the identity of the other person or persons: |
Provided that
where a financial institution has reasonable grounds to believe, after an
occasional transaction has been conducted, that the person who conducted the
transaction was acting on behalf of another person or persons, the financial
institution shall verify the identity of the other person or
persons. |
(2) Without
limiting section 7, where a person conducts an occasional transaction through a
financial institution and the following conditions apply, namely- |
(a) that
person, or any other person, has also conducted or is conducting one or mere
other occasional transactions through that financial institution; and |
(b) the
circumstances in which those transactions have been, or are being, conducted
provide reasonable grounds to believe- |
(i) that
the person is conducting the transactions on behalf of any other person or
persons; and |
(ii) that
the transactions have been, or are being, structured to avoid the application
of subsection (1); and |
(c) the
total amount of cash involved in those transactions exceeds the prescribed
amount, |
then
in addition to complying with the requirements of section 7, the financial
institution shall verify the identity of the person or persons on whose behalf
it is believed the transactions are being conducted. |
(3) Without
limiting any other factors that a financial institution may consider for the
purpose of determining whether of not any transactions have been structured to
avoid the application of subsection (1), a financial institution shall
consider, for that purpose, the following factors- |
(a) the time
frame within which the transactions are conducted; |
(b) whether or
not the parties to the transactions are the same persons, or are associated in
any way. |
(4) Where
subsection (1) applies in respect of any transaction, the financial institution
shall verify the identity of the relevant person or persons before the
transaction is conducted. |
(5) Where
subsection (2) applies in respect of any transaction, the financial institution
shall verify the identity of the relevant person or persons as soon as practicable
after the conditions specified in that subsection are satisfied. |
(6) Nothing in
subsection (1) requires a financial institution to verify the identity of any
person in any case where- |
(a) the person
who is conducting the transaction is a financial institution; |
(b) the
identity of the other person is required, by any provision of this Part, to be
verified by that other financial institution; and |
(c) the
financial institution has obtained in writing confirmation that the other
financial institution has verified the identity of the person: |
Provided
that such confirmation may be accepted from a foreign financial institution. |
9. (1) Subject to subsections (6) and (7), where- | Verification where facility holders acting on behalf
of others. |
(a) a person
who is a facility holder in relation to a facility provided by a financial
institution conducts a transaction through that facility; |
(b) the
amount of cash involved in the transaction exceeds the prescribed amount; and |
(c) the
financial institution has reasonable grounds to believe that the person is
conducting the transaction on behalf of any other person or persons, |
the
financial institution shall verify the identity of the other person or persons. |
(2) Where a person
who is a facility holder in relation to a facility provided by a financial
institution conducts a transaction through that facility, and the following
conditions apply, namely- |
(a) that
person, or any other person, has also conducted or is conducting one or more
other transactions through that facility; |
(b) the
circumstances in which those transactions have been, or are being, conducted
provide reasonable grounds to believe- |
(i) that
the person is conducting the transaction on behalf of any other person or
persons; |
(ii) that
the transactions have been, or are being, structured to avoid the application
of subsection (1); and |
(c) the
total amount of cash involved in those transactions exceeds the prescribed
amount, |
the
financial institution shall verify the identity of the other person or persons. |
(3) Without
limiting any other factors that a financial institution may consider for the
purpose of determining whether or not any transactions are or have been
structured to avoid the application of subsection (1), a financial institution
shall consider, for that purpose, the following factors- |
(a) the time
frame within which the transactions are conducted; |
(b) whether or
not the parties to the transactions are the same persons, or are associated in
any way. |
(4) Where
subsection (1) applies in respect of any transaction, the financial institution
shall verify the identity of the relevant person or persons before the
transaction is conducted. |
(5) Where
subsection (2) applies in respect of any transaction, the financial institution
shall verify the identity of the relevant person or persons as soon as
practicable after the conditions specified in that subsection are satisfied. |
(6) Nothing in subsection
(1) requires a financial institution to verify the identity of any person in
any case where- |
(a) the person
who is conducting the transaction is a financial institution; |
(b) the
identity of the other person is required, by any provision of this Part, to be
verified by the other financial institution; and |
(c) the
financial institution has obtained in writing confirmation that the other
financial institution has verified the identity of the person: |
Provided
that such confirmation may be accepted from a foreign financial institution. |
(7) Nothing in
subsection (1) requires a financial institution to verify the identity of any
person (in this subsection referred to as the "other person") where- |
(a) the
transaction is conducted by any person in his or her capacity as an employee of
the other person, or as a director or principal or partner of the other person;
and |
(b) the
financial institution has already verified the identity of the other person
pursuant to this Part. |
10. Nothing in sections 8 and 9 requires the
verification of the identity of any person, in any case where on reasonable
grounds it is believed- | Application of sections 8 and 9 in relation to
beneficiaries under a trust. |
(a) that a
transaction is being, or has been, conducted on that person's behalf in his or
her capacity as the beneficiary under a trust; and |
(b) that the
person does not have a vested interest under the trust. |
11. (1) Subject to subsections (3) to (5), where, by
virtue of any provision of this Part, a financial institution is required to
verify the identity of any person, that verification shall be done by means of
such documentary or other evidence as is reasonably capable of establishing the
identity of that person, including official documents and structural
information in the case of corporate entities. | Procedures for verifying identity. |
(2) Without
limiting the generality of subsection (1), in verifying the identity of any
person, a financial institution may rely (in whole or in part) on evidence used
by that financial institution on an earlier occasion to verify that person's
identity, if the financial institution has reasonable grounds to believe that
the evidence is still reasonably capable of establishing the identity of that
person: |
Provided that such
verification may be accepted from a foreign financial institution. |
(3) Where- |
(a) by virtue
of any provision of this Part, a financial institution is required to verify
the identity of any person in relation to any facility; and |
(b) transactions
may be conducted through that facility by means of an existing facility- |
(i) that
is provided by another financial institution; |
(ii) in
relation to which that person is a facility holder; and |
(iii) the
financial institution has obtained in writing confirmation that the other
financial institution has verified the identity of the person: |
Provided that such confirmation may be accepted from a foreign
financial institution, |
the
first-mentioned financial institution shall be deemed to have complied with the
requirement to verify the identity of that person if that financial institution
takes all such steps as are reasonably necessary to confirm the existence of the
other facility. |
(4) Where- |
(a) by virtue
of any provision of this Part, a financial institution is required to verify
the identity of any person in relation to an occasional transaction; and |
(b) that
occasional transaction is conducted by means of an existing facility- |
(i) that
is provided by another financial institution; |
(ii) in
relation to which that person is a facility holder; and |
(iii) the
financial institution has obtained in writing confirmation that the other
financial institution has verified the identity of the person: |
Provided that such confirmation may be accepted from a foreign
financial institution, |
the
first-mentioned financial institution shall be deemed to have complied with the
requirement to verify the identity of that person if the financial institution
takes all such steps as are reasonably necessary to confirm the existence of
the facility. |
(5) Where- |
(a) by virtue
of any provision of this Part, a trustee or administration manager or
investment manager of a superannuation scheme is required to verify the
identity of any person by reason that the person has become, or is seeking to
become, a member of that scheme; and |
(b) the
superannuation scheme is established principally for the purpose of providing
retirement benefits to employees, |
that trustee
or manager shall be deemed to have complied with the requirement to verify the
identity of that person if that person's identity has been verified by his or
her employer. |
12. [ii]*
(1) Every
financial institution commits an offence against this section which- | Offences. |
(a) in
contravention of section 6(2), permits a person to become a facility holder in
relation to any facility (being a facility provided by that institution)
without first having verified the identity of that person; |
(b) in
contravention of section 7(4)(a), permits any person to conduct an occasional
transaction through that financial institution, without first having verified
the identity of that person, in any case where the amount of funds involved in
the transaction exceeds the prescribed amount; |
(c) where an
occasional transaction is conducted by any person through that financial
institution, fails, in contravention of section 7(4)(b), to verify the identity
of that person as soon as practicable after the conditions specified in section
7(1)(b) are satisfied in respect of that transaction; |
|
(i) an
occasional transaction is conducted by any person through that financial
institution; |
(ii) the
amount of funds involved in the transaction exceeds the prescribed amount; and |
(iii) the
financial institution has reasonable grounds to believe that the person is
conducting the transaction on behalf of any other person or persons, |
fails, in
contravention of section 8(4), to verify the identity of that other person or,
as the case requires, those other persons before the transaction is conducted,
or as soon as practicable after the financial institution has reasonable
grounds to believe that the transaction is being, or has been, so conducted; |
|
(i) an
occasional transaction is conducted by any person through that financial
institution; and |
(ii) the
conditions specified in paragraphs (a) to (c) of section 8(2) apply in respect
of that transaction, |
fails, in
contravention of section 8(5), to undertake the verification required by section
8(2) as soon as practicable after the conditions specified in section 8(2) are
satisfied in respect of that transaction; |
|
(i) a
person who is a facility holder in relation to a facility provided by that
financial institution conducts a transaction through that facility; |
(ii) the
amount of funds involved in the transaction exceeds the prescribed amount; |
(iii) the
financial institution has reasonable grounds to believe that the person is
conducting the transaction on behalf of any other person or persons, |
fails, in
contravention of section 9(4), to verify the identity of that other person or,
as the case requires, those other persons before the transaction is conducted;
or as soon as practicable after the financial institution has reasonable
grounds to believe that the transaction is being, or has been, so conducted; or |
|
(i) a
person who is a facility holder in relation to a facility provided by that
financial institution conducts a transaction through that facility; and |
(ii) the
conditions specified in paragraphs (a) to (c) of section 9(2) apply in respect
of that transaction, |
fails, in
contravention of section 9(5), to undertake the verification required by
section 9(2) as soon as practicable after the conditions specified in section
9(2) are satisfied in respect of that transaction. |
(2) Every
financial institution which commits an offence against this section is liable
on summary conviction to a fine not exceeding- |
(a) in the case
of an individual, twenty thousand dollars; |
(b) in the case
of a body corporate, one hundred thousand dollars. |
13. (1) It is a defence to a charge against a person
in relation to a contravention of, or a failure to comply with, any provision
of this Part if the defendant proves- | Defence. |
(a) that he
took all reasonable steps to ensure that he complied with that provision; or |
(b) that, in
the circumstances of the particular case, he could not reasonably have been
expected to ensure that he complied with the provision. |
(2) In
determining, for the purposes of subsection (1)(a), whether or not a financial
institution took all reasonable steps to comply with a provision of this Part,
the court shall have regard to- |
(a) the nature
of the financial institution and the activities in which it engages; |
(b) the
existence and adequacy of any procedures established by the financial
institution to ensure compliance with the provision, including (without
limitation)- |
|
(ii) audits
to test the effectiveness of any such procedures; and |
(c) any
relevant guidelines issued by the Financial Intelligence Unit. |
(3) Except as
provided in subsection (4), subsection (1) shall not apply unless, within
twenty-one days after the service of the summons, or within such further time
as the court may allow, the defendant has delivered to the prosecutor a written
notice- |
(a) stating
that the defendant intends to rely on subsection (1); and |
(b) specifying
the reasonable steps that the defendant will claim to have taken. |
(4) In any such
prosecution, evidence that the defendant took a step not specified in the
written notice required by subsection (3) shall not, except with the leave of
the court, be admissible for the purpose of supporting a defence under
subsection (1). |
PART III
OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS |
14. (1) Notwithstanding any other written law or any
rule of law, but subject to section 17, where- | Financial institutions to report suspicious
transactions. |
(a) any person
conducts or seeks to conduct any transaction by, through or with a financial
institution (whether or not the transaction or proposed transaction involves
funds); and |
(b) the
financial institution knows, suspects or has reasonable grounds to suspect that
the transaction or proposed transaction involves proceeds of criminal conduct
as defined in the Proceeds of
Crime Act, 2000, or any offence under the Proceeds of Crime Act, 2000 or an
attempt to avoid the enforcement of any provision of the Proceeds of Crime Act,
2000, |
the
financial institution shall, as soon as practicable after forming that
suspicion, report that transaction or proposed transaction to the Financial
Intelligence Unit. |
(2) Subject to
subsection (3), every suspicious transaction report shall- |
(a) be in the
prescribed form (if any); |
(b) contain the
details specified in the Second Schedule; |
(c) contain a
statement of the grounds on which the financial institution holds the suspicion
referred to in subsection (1)(b); and |
(d) be
forwarded, in writing, to the Financial Intelligence Unit- |
(i) by
way of facsimile transaction; or |
(ii) by
such other means (including, without limitation, electronic mail or other
similar means of communication) as may be agreed from time to time between the
Financial Intelligence Unit an the financial institution concerned. |
(3)
Notwithstanding paragraph (a) or paragraph (d) of subsection (2), where the
urgency of the situation requires, a suspicious transaction report may be made
orally to the Financial Intelligence Unit, but in any such case the financial
institution shall, as soon as practicable, forward to the Financial
Intelligence Unit a suspicious transaction report that complies with the
requirements of subsection (2). |
15. Notwithstanding any other written law or any rule
of law, any person who, in the course of carrying out the duties of that person's
occupation as an auditor, has reasonable grounds to suspect, in relation to any
transaction that the transaction is or may be relevant to the enforcement of
the
Proceeds of Crime Act, 2000, shall report that transaction to any member of the
Police. | Auditors to report suspicious transactions. |
16. (1) Where any information is disclosed or supplied
in any suspicious transaction report made, pursuant to section 14, by any
person, no civil, criminal or disciplinary proceedings shall lie against that
person- | Protection of persons reporting suspicious
transactions. |
(a) in respect
of the disclosure or supply, or the manner of the disclosure or supply, of that
information by that person; or |
(b) for any
consequences that follow from the disclosure or supply of that information. |
(2) Where any
information is disclosed or supplied, pursuant to section 15, to any member of
the Police by any person, no civil, criminal or disciplinary proceedings shall
lie against that person- |
(a) in respect
to the disclosure or supply, or the manner of the disclosure or supply, of that
information by that person; or |
(b) for any
consequences that follow from the disclosure or supply of that information, |
unless the
information was disclosed or supplied in bad faith. |
(3) Nothing in
subsection (1) or subsection (2) applies in respect of proceedings for an
offence against section 20. |
17. (1) Nothing in section 14 requires any counsel and
attorney to disclose any privileged communication. | Legal professional privilege. |
(2) For the
purposes of this section, a communication is a privileged communication only
if- |
(a) it is a
confidential communication, whether oral or written, passing between- |
(i) a
counsel and attorney in his or her professional capacity and another counsel
and attorney in such capacity; or |
(ii) a
counsel and attorney in his or her professional capacity and his or her client, |
whether
made directly or indirectly through an agent of either; |
(b) it is
communicated or given to a counsel and attorney by, or by a representative of,
a client of his or her in connection with the giving by the counsel and
attorney of legal advice to the client; |
(c) it is made
or brought into existence for the purpose of obtaining or giving legal advice
or assistance; and |
(d) it is not
made or brought into existence for the purpose of committing or furthering the
commission of some illegal or wrongful act. |
(3) Where the
information consists wholly or partly of, or relates wholly or partly to, the
receipts, payments, income, expenditure or financial transactions of a
specified person (whether a counsel and attorney, his or her client or any
other person), it shall not be a privileged communication if it is contained
in, or comprises the whole or part of, any book, account, statement or other
record prepared or kept by the counsel and attorney in connection with a
client's account of the counsel and attorney. |
(4) For the
purposes of this section, references to a counsel and attorney include a firm
in which he or she is a partner or an associate or is held out to be a partner
or an associate. |
18. (1) A financial institution that has made, or is
contemplating making, a suspicious transaction report shall not disclose the
existence of that report or, as the case requires, that the making of such a
report is contemplated to any person except- | Suspicious transaction reports not to be disclosed. |
(a) the
financial institution's Supervisory Authority; |
(b) the
Financial Intelligence Unit; |
(c) the
Commissioner of Police or a member of the Police who is authorised by the
Commissioner to receive the information; |
(d) an officer
or employee or agent of the financial institution, for any purpose connected
with the performance of that person's duties; |
(e) a counsel
and attorney, for the purpose of obtaining legal advice or representation in
relation to the matter; |
(f) the
Central Bank of The Bahamas, for the purpose of assisting the Central Bank to
carry out its functions under the Central Bank of The Bahamas Act, 2000. |
(2) No person
referred to in paragraph (b) of subsection (1) to whom disclosure of any
information to which that subsection applies has been made shall disclose that
information except to another person of the kind referred to in that
subsection, for the purpose of- |
(a) the
performance of the first-mentioned person's duties; or |
(b) obtaining
legal advice or representation in relation to the matter. |
(3)
No person referred to in paragraph (e) of subsection (1) to whom disclosure of
any information to which that subsection applies has been made shall disclose
that information except to a person of the kind referred to in that subsection
for the purpose of giving legal advice or making representations in relation to
the matter. |
(4) Subject to
section 19, nothing in subsections (1) to (3) shall prevent the disclosure of
any information in connection with, or in the course of, proceedings before a
court. |
19. (1) This section applies in respect of the
following information- | Protection of identity of persons making suspicious
transaction reports. |
(a) any
suspicious transaction report; |
(b) any information
the disclosure of which will identify, or is reasonably likely to identify, any
person- |
(i) as
a person who, in his or her capacity as an officer, employee or agent of a
financial institution, has handled a transaction in respect of which a suspicious
transaction report was made; |
(ii) as
a person who has prepared a suspicious transaction report; or |
(iii) as
a person who has made a suspicious transaction report. |
(2) No member of
the Police shall disclose any information to which this section applies except
for one or more of the following purposes- |
(a) the
enforcement of the Proceeds of
Crime Act, 2000; |
(b) the
detection, investigation and prosecution of any relevant offence (within the
meaning of the Proceeds of
Crime Act, 2000), in any case where that offence may reasonably give rise to,
or form the basis of, any proceedings under that Act; |
(c) the
administration of the Mutual
Legal Assistance (Criminal Matters) Act, 1988; |
(d) to assist
the Financial Intelligence Unit and Foreign Intelligence Units to carry out
their functions. |
(3) No person
shall be required to disclose, in any judicial proceeding any information to
which this section applies, unless the Judge or, as the case requires, the
person presiding at the proceeding is satisfied that the disclosure of the
information is necessary in the interests of justice. |
(4) Nothing in
this section prohibits the disclosure of any information for the purposes of
the prosecution of any offence against any of subsections (3) to (5) of section
20. |
20. [iii]*
(1) Every
financial institution commits an offence against this section which, in any
case where- | Offences. |
(a) a transaction
is conducted or is sought to be conducted through that financial institution;
and |
(b) that
financial institution has reasonable grounds to suspect that the transaction
or, as the case requires, the proposed transaction is or may be relevant to the
enforcement of the Proceeds of
Crime Act, 2000, |
fails, in
contravention of section 14(1), to report that transaction or, as the case
requires, that proposed transaction to the Financial Intelligence Unit as soon
as practicable after forming that suspicion. |
(2) Every
financial institution which commits an offence against subsection (1) is liable
on summary conviction to a fine not exceeding- |
(a) in the case
of an individual, twenty thousand dollars; |
(b) in the case
of a body corporate, one hundred thousand dollars. |
(3) Every person
commits an offence and is liable on summary conviction to a fine not exceeding
ten thousand dollars who, in making a suspicious transaction report- |
(a) makes any
statement that the person knows is false or misleading in a material
particular; |
(b) omits from
any statement any matter or thing without which the person knows that the
statement is false or misleading in a material particular. |
(4) Every person
commits an offence who- |
(a) for the
purpose of obtaining, directly or indirectly, an advantage or a pecuniary gain
for that person or any other person; or |
(b) with intent
to prejudice any investigation into the commission or possible commission of a
money laundering offence, |
contravenes any of
subsections (1) to (3) of section 18. |
(5) Every person
commits an offence who- |
(a) being an
officer or employee or agent of a financial institution; |
(b) having
become aware, in the course of that person's duties as such an officer or
employee or agent, that any investigation into any transaction or proposed
transaction that is the subject of a suspicious transaction report is being, or
may be, conducted by the Police; |
(c) knowing
that he or she is not legally authorised to disclose the information; and |
|
(i) for
the purpose of obtaining, directly or indirectly, an advantage or a pecuniary
gain for that person or any other person; or |
(ii) with
intent to prejudice any investigation into the commission or possible
commission of a money laundering offence, |
discloses
that information to any other person. |
(6) Every person
who commits an offence against subsection (4) or subsection (5) is liable on
summary conviction to imprisonment for a term not exceeding two years. |
(7) Every person
who knowingly contravenes any of subsections (1) to (3) of section 18 commits
an offence and is liable on summary conviction- |
(a) in the case
of an individual, to a fine not exceeding five thousand dollars or to
imprisonment for a term not exceeding six months; |
(b) in the case
of body corporate, to fine not exceeding twenty thousand dollars. |
21. (1) It is a defence to a charge against a person
in relation to a contravention of, or a failure to comply with, section 14(1)
if the defendant proves- | Defence. |
(a) that he
took all reasonable steps to ensure that he complied with that provision; or |
(b) that, in
the circumstances of the particular case, he could not reasonably have been
expected to ensure that he complied with the provision. |
(2) In
determining, for the purposes of subsection (1)(a), whether or not a defendant
took all reasonable steps to comply with section 14(1), the court shall have
regard to- |
(a) the nature
of the financial institution and the activities in which it engages; |
(b) the
existence and adequacy of any procedures established by the financial
institution to ensure compliance with that provision, including (without
limitation)- |
|
(ii) audits
to test the effectiveness of any such procedures; |
(c) any
relevant guidelines issued by the Financial Intelligence Unit. |
(3) Except as
provided in subsection (4), subsection (1) shall not apply unless, within
twenty-one days after the service of the summons, or within such further time
as the court may allow, the defendant has delivered to the prosecutor a written
notice- |
(a) stating
that the defendant intends to rely on subsection (1); and |
(b) specifying
the reasonable steps that the defendant will claim to have taken. |
(4) In any such
prosecution, evidence that the defendant took a step not specified in the
written notice required by subsection (3) shall not, except with the leave of
the court, be admissible for the purpose of supporting a defence under
subsection (1). |
22. Any information contained in a suspicious
transaction report shall be deemed to be obtained only for the following
purposes- | Application of information. |
(a) the
detection, investigation, and prosecution of offences against this Act; |
(b) the
enforcement of the Proceeds of
Crime Act, 2000; |
(c) the
detection, investigation, and prosecution of any relevant offence (within the
meaning of the Proceeds of
Crime Act, 2000), in any case where that offence may reasonably give rise to,
or form the basis of, any proceedings under that Act; |
(d) the
administration of- |
(i) the Mutual Legal Assistance (Criminal
Matters) Act, 1988; |
(ii) the Financial Intelligence Unit Act, 2000; |
(iii) the Criminal Justice (International
Co-operation) Act, 2000. |
PART IV
RETENTION ON RECORDS |
23. (1) In relation to every transaction that is
conducted through a financial institution, that financial institution shall
keep such records as are reasonably necessary to enable that transaction to be
readily reconstructed by the Financial Intelligence Unit. | Obligation to keep transaction records. |
(2) Without
limiting the generality of subsection (1), such records shall contain the
following information- |
(a) the nature
of the transaction; |
(b) the amount
of the transaction, and the currency in which it was denominated; |
(c) the date on
which the transaction was conducted; |
(d) the parties
to the transaction; |
(e) where
applicable, the facility through which the transaction was conducted, and any
other facilities (whether or not provided by the financial institution)
directly involved in the transaction. |
(3) Every
financial institution shall retain the records kept by that financial institution,
in accordance with this section, in relation to a transaction for a period of
not less than five years after the completion of that transaction. |
24. (1) In respect of each case in which a financial
institution is required by section 6, 7, 8, 9 or 11 to verify the identity of
any person, that financial institution shall keep such records as are
reasonably necessary to enable the nature of the evidence used for the purposes
of that verification to be readily identified by the Financial Intelligence
Unit. | Obligation to keep verification records. |
(2) Without
limiting the generality of subsection (1), such records may comprise- |
(a) a copy of
the evidence so used; or |
(b) where it is
not practicable to retain that evidence, such information as is reasonably
necessary to enable that evidence to be obtained. |
(3)
Notwithstanding anything in subsections (1) and (2), in respect of each case in
which a financial institution, in reliance on the provisions of subsection (3)
or (4) of section 11, verifies the identity of any person by confirming the
existence of a facility provided by another financial institution, the
first-mentioned financial institution shall keep such records as are reasonably
necessary to enable- |
(a) the
identity of the other financial institution; |
(b) the
identity of that facility; and |
(c) the
identity confirmation of the person, |
to be
readily identified at any time by the Financial Intelligence Unit. |
(4) Every
financial institution shall retain the records kept by that financial
institution, in accordance with this section, for the following periods- |
(a) in the case
of records relating to the verification of the identity of any person in
relation to any facility, where the verification is carried out for the
purposes of section 6, for a period of not less than five years after that
person ceases to be a facility holder in relation to that facility; |
(b) in the case
of records relating to the verification of the identity of any person in
relation to any facility, where- |
(i) that
person is not a facility holder in relation to that facility, and |
(ii) the
verification is carried out, for the purposes of section 9, with respect to a person
who is such a facility holder, |
for a period of not less than five years after that facility
holder ceases to be a facility holder in relation to that facility; |
(c) in the case
of any other records relating to the verification of the identity of any
person, for a period of not less than five years after the verification is
carried out. |
25. Every financial
institution shall keep such records as may be prescribed by regulations made
under section 51 and shall retain them for such period as may be prescribed by
such regulations. | Obligation to keep prescribed records. |
26. Records required by section 23, 24 or 25 to be
kept by any financial institution shall be kept either in written form in the
English language, or so as to enable the records to be readily accessible and
readily convertible into written form in the English language. | How records to be kept. |
27. Nothing in section 23, 24 or 25 requires the
retention of any records kept by a financial institution (being a company) in
any case where the company has been liquidated and finally dissolved or (being
a partnership) in any case where the partnership has been dissolved. | When records need not be kept. |
28. (1) Subject to subsection (2) every financial
institution shall ensure that- | Destruction of records. |
(a) every
record retained by that financial institution pursuant to any provision of this
Part; and |
(b) every copy
of any such record, |
is destroyed
as soon as practicable after the expiry of the period for which the financial
institution is required, by any provision of this Part, to retain that record. |
(2) Nothing in
this section requires the destruction of any record, or any copy of any record,
in any case where there is a lawful reason for retaining that record. |
(3) Without
limiting the generality of subsection (2), there is a lawful reason for
retaining a record if the retention of that record is necessary- |
(a) in order to
comply with the requirements of any other written law; |
(b) to enable
any financial institution to carry on its business; or |
(c) for the
purposes of the detection, investigation or prosecution of any offence. |
29. Nothing in this Part limits or affects any other
written law that requires any financial institution to keep or retain any
record. | Other laws not affected. |
30. [iv]*
(1) Every
financial institution commits an offence against this section which in
contravention of section 23, 24 or 25 fails, without reasonable excuse, to
retain or to properly keep records sufficient to satisfy the requirements of
the section. | Offences. |
(2) Every
financial institution which commits an offence against this section is liable
on summary conviction to a fine not exceeding- |
(a) in the case
of any individual, twenty thousand dollars; |
(b) in the case
of a body corporate, one hundred thousand dollars. |
PART V
SEARCH WARRANTS |
31. Any Magistrate who, on an application in writing
made on oath, is satisfied that there are reasonable grounds for believing that
there is in or on any place or thing- | Search warrants. |
(a) any thing
upon or in respect of which any offence against this Act or any regulations
made under this Act has been, or is suspected of having been, committed; |
(b) any thing
which there are reasonable grounds for believing will be evidence as to the
commission of any such offence; or |
(c) any thing
which there are reasonable grounds for believing is intended to be used for the
purpose of committing any such offence, |
may issue a search
warrant in respect of that thing. |
32. (1) Every search warrant shall be in the
prescribed form. | Form and content of search warrant. |
(2) Every search
warrant shall be directed to any member of the Police by name, or to any class
of members of the Police specified in the warrant, or generally to every member
of the Police. |
(3) Every search
warrant shall be subject to such special conditions (if any) as the person
issuing the warrant may specify in the warrant. |
(4) Every search
warrant shall contain the following particulars- |
(a) the place
of thing that may be searched pursuant to the warrant; |
(b) the offence
or offences in respect of which the warrant is issued; |
(c) a
description of the articles or things that are authorised to be seized; |
(d) the period
during which the warrant may be executed, being a period not exceeding fourteen
days from the date of issue; |
(e) any
conditions specified pursuant to subsection (3). |
33. (1) Subject to any special conditions specified in
a warrant pursuant to section 32(3) every search warrant shall authorise the
member of the Police executing the warrant- | Powers conferred by warrant. |
(a) to enter
and search the place or thing specified in the warrant at any time by day or
night during the currency of the warrant; |
(b) to
use such assistance as may be reasonable in the circumstances for the purpose
of the entry and search; |
(c) to use such
force as is reasonable in the circumstances for the purposes of effecting
entry, and for breaking open anything in or on the place searched; |
(d) to search
for and seize any thing referred to in any of paragraphs (a) to (c) of section
31; and |
(e) in any case
where any thing referred to in any of those paragraphs is a document- |
(i) to
take copies of the document, or extracts from the documents; |
(ii) to
require any person who has the document in his or her possession or under his or
her control to reproduce, or to assist the person executing the warrant to
reproduce, in usable form, any information recorded or stored in the document. |
(2) Every person
called upon to assist any member of the Police executing a search warrant shall
have the powers described in paragraphs (c) and (d) of subsection (1). |
34. Every member of the Police executing any search
warrant- | Person executing warrant to produce evidence of
authority. |
(a) shall have
that warrant with him or her; |
(b) shall
produce it on initial entry and, if requested, at any subsequent time; and |
(c) shall, if
requested at the time of the execution of the warrant or at any subsequent
time, provide a copy of the warrant within seven days after the request is
made. |
35. Every member of the Police who executes a search
warrant shall, not later than seven days after the seizure of any thing
pursuant to that warrant, give to the owner or occupier of the place or thing
searched, and to every other person whom the member of the Police has reason to
believe may have an interest in the thing seized, a written notice specifying- | Notice of execution of warrant. |
(a) the date
and time of the execution of the warrant; |
(b) the
identity of the person who executed the warrant; |
(c) the thing
seized under the warrant. |
36. Where property is seized pursuant to a search
warrant, the property shall be kept in the custody of a member of the Police,
except while it is being used in evidence or is in the custody of any court,
until it is dealt with in accordance with another provision of this Act. | Custody of property seized. |
37. Section 70 of the Criminal Procedure Code, so far
as applicable and with all necessary modifications, shall apply in respect of
the seizure of any documents under any search warrant as if the search warrant
had been issued under section 70 of that Act. | Procedure where certain documents seized. |
38. (1) This section shall apply with respect to
anything seized under a search warrant. | Disposal of things seized. |
(2) In any
proceedings for an offence relating to anything seized under a search warrant,
the court may order, either at the trial or hearing or on an application, that
the thing be delivered to the person appearing to the court to be entitled to
it, or that it be otherwise disposed of in such manner as the court thinks fit. |
(3) Any member of
the Police may at any time, unless an order has been made under subsection (2),
return the thing to the person from whom it was seized, or apply to a
Magistrate for an order as to its disposal; on any such application, the
Magistrate may make any order that a court may make under subsection (2). |
(4) If proceedings
for an offence relating to the thing are not brought within a period of three
months of seizure, any person claiming to be entitled to the thing may, after
the expiration of that period, apply to a Magistrate for an order that it be
delivered to him or her; on any such application, the Magistrate may adjourn
the application, on such terms as he or she thinks fit, for proceedings to be
brought, or may make any order that a court may make under subsection (2). |
(5) Where any
person is convicted in any proceedings for an offence relating to anything in
respect of which a search warrant has been issued enabling seizure, and any
order is made under this section, the operation of the order shall be
suspended- |
(a) in any case
until the expiration of the twenty-one days for the filing of notice of appeal
or an application for leave to appeal; |
(b) where
notice of appeal is filed within the time so prescribed, until the
determination of the appeal; and |
(c) where
application for leave to appeal is filed within the time so prescribed, until
the application is determined and, where leave to appeal is granted, until the
determination of the appeal. |
(6) Where the
operation of any such order is suspended until the determination of the appeal,
the court determining the appeal may, by order, cancel or vary the order. |
PART VI
COMPLIANCE COMMISSION |
39. (1) There is hereby established a body to be known
as the Compliance Commission for the purpose of ensuring compliance with the
provisions of this Act. | Establishment of Commission. |
(2) The Commission
shall be a body corporate having perpetual succession and a common seal with
power to enter into contracts and do all such things necessary for the purpose
of its functions. |
40. The Commission shall consist of three members,
appointed by the Governor-General in writing, being persons appearing to the
Governor-General to have wide experience in, and to have shown capacity in,
financial and commercial matters, industry, law or law enforcement. | Membership of Commission. |
41. The members of the Commission may be appointed for
a term of three years and be eligible for reappointment. | Term of appointment. |
42. A person may not be appointed a member or remain a
member of the Commission who- | Exclusion from membership. |
(a) is a member
of either House of Parliament; |
(b) is a
director, officer or servant of, or has a controlling interest in, any
financial institution. |
43. The functions of the Commission are- | Functions of the Commission. |
(a) to maintain
a general review of financial institutions in relation to the conduct of
financial transactions and to ensure compliance with the provisions of this
Act; |
(b) on an
annual basis and when deemed necessary by the Commission, at the expense of the
financial institution, to conduct on-site examinations of the business of the
financial institution for the purpose of ensuring compliance with the
provisions of this Act, and in such cases where the Commission is unable to
conduct such examination, to appoint an auditor at the expense of the financial
institution to conduct such examination and to report thereon to the
Commission. |
44. (1) In the
performance of its duties under this Act the Commission may at all reasonable
times- | Production of records. |
(a) require the
financial institution to produce for examination such records that are required
to be kept pursuant to sections 23, 24 and 25; and |
(b) require a
financial institution to supply such information or explanation, as the
Commissio |