The Securities Commission of The Bahamas published a notice from the Competent Authority, working with the Designated Supervisory Authorities, confirming it will move to a more structured enforcement approach for late filings of information returns required under the Automatic Exchange of Financial Account Information Act, 2017, including the imposition of applicable penalties. Late filings for 2022 and 2023 will be handled directly by the Competent Authority, while late filings for 2024 (due in 2025) will be handled by the relevant Designated Supervisory Authority; firms jointly supervised by the Central Bank and the Securities Commission will receive a single letter from one of the regulators. After receiving a late-filing notice, licensees and registrants have 14 days to either dispute it with documentary evidence that the filing met the statutory deadline or pay the assessed penalty, with non-response potentially leading to further regulatory action; firms are also urged to bring outstanding obligations up to date and strengthen internal controls to support timely compliance.
Bahamas Securities Commission 2026-01-07
Securities Commission of The Bahamas publishes notice that penalties will be enforced for late Automatic Exchange of Financial Account Information returns
The Securities Commission of The Bahamas announced a structured enforcement approach for late filings under the Automatic Exchange of Financial Account Information Act, 2017, with penalties applicable. Late filings for 2022 and 2023 will be managed by the Competent Authority, while 2024 filings will be handled by the Designated Supervisory Authority, and firms have 14 days to dispute or pay penalties upon receiving a notice.