The Bahamas Office of the Attorney-General and Ministry of Legal Affairs issued an implementation note to industry on new nominee transparency obligations aligned with the revised Financial Action Task Force (FATF) Recommendation 24, with compliance to be supported through enhancements to the Beneficial Ownership Secure Search System (BOSSs). A virtual industry briefing is scheduled for 10 December 2025 to walk stakeholders through the updated BOSSs data model and new fields for recording nominee relationships. BDO, as host and service provider of the BOSSs portals, will demonstrate system changes, explain how the enhancements align with recent legislative amendments, and outline the production launch timeline and training schedule. The underlying amendments include prohibiting nominee directors under the Companies (Amendment) Act, 2025, introducing parallel provisions for international business companies, and adding requirements on identification, verification, accuracy and timely accessibility of nominee information under the Register of Beneficial Ownership (Amendment) Act, 2025. The upgraded BOSSs platform is due to launch on 12 December 2025, with optional training sessions and materials to follow. The legislative amendments are scheduled to enter into force on 19 January 2026 as part of The Bahamas’ preparation for its Caribbean Financial Action Task Force (CFATF) mutual evaluation in October 2026.
Bahamas Securities Commission 2025-12-02
The Bahamas Office of the Attorney-General and Ministry of Legal Affairs rolls out FATF nominee transparency requirements through BOSSs upgrades
The Bahamas Office of the Attorney-General and Ministry of Legal Affairs has issued an implementation note on new nominee transparency obligations aligned with revised FATF Recommendation 24, supported by enhancements to the Beneficial Ownership Secure Search System (BOSSs). Legislative amendments prohibit nominee directors under the Companies (Amendment) Act, 2025, extend parallel provisions to international business companies, and impose new requirements on identification, verification, accuracy and timely accessibility of nominee information under the Register of Beneficial Ownership (Amendment) Act, 2025, ahead of The Bahamas’ CFATF mutual evaluation in October 2026.