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Compliance

Under the Bahamas Financial and Corporate Service Providers Act, 2000, it is a legal requirement for all directors, shareholders and beneficial owners of a Bahamas IBC to provide a copy of their passport and two professional or financial references to confirm the identity and standing of the individual. References can be both financial or professional or a combination of the two. The reference must state the applicant has been known to the referee for at least 3-years. A professional reference must come from a licenced accountant or attorney. A financial reference must come from a licenced bank or other regulated financial institution.

However, these requirements are typically not needed for the majority of Financial Institutions acting on behalf of their clients. Financial Institutions that qualify for this due diligence exemption are collectively referred to as eligible introducers.

Exemption Certificate for Eligible Introducers

Under the Bahamas Financial and Corporate Service Providers Act, 2000, the following entities are exempt from providing copies of passports and professional references when acting on behalf of their clients

  1. any Bahamian based financial institution regulated and licenced by an appropriate governing body
  2. any financial institution located in a jurisdiction specified in the First Schedule to the Financial Transactions Reporting Act, 2000 which is regulated by an appropriate governing body; or
  3. any investment fund located in a jurisdiction specified in the First Schedule to the Financial Transactions Reporting Act, 2000 which is regulated by an appropriate governing body.

The following jurisdictions are currently listed in the First Schedule:

Australia Barbados Belgium
Bermuda Brazil Canada
Cayman Islands Channel Islands Denmark
Finland France Germany
Gibraltar Greece Hong Kong
Ireland Isle of Man Italy
Japan Liechtenstein Luxembourg
Malta Netherlands New Zealand
Norway Panama Portugal
Singapore Spain Sweden
Switzerland United Kingdom United States