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 sources of professional reference to confirm the identity and standing of the individual.

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: