Regulatory compliance is a
critical to any financial services firm in today’s
environment. Remaining compliant is challenging given
constant changes to the principles of risk management
and regulatory compliance, internationally,
in The Bahamas and in the Cayman Islands.
Our Financial Services Law & Regulation group has
extensive experience in the regulatory and anti-money
laundering fields. We are well versed in the laws and
regulations governing the financial services industry
of The Bahamas and the Cayman Islands. We advise a substantial number of local
and international banks, trust companies and securities
firms operating within and/or from within The Bahamas
and the Cayman Islands.
A partner in our group has served as a private sector
legal advisor to the Bahamas Government respecting substantial
legislative restructuring of the financial services
industry of this jurisdiction in response to initiatives
of the Financial Stability Forum, the Financial Action
Task Force and the Organization for Economic Cooperation
and Development. Another member of our group has served
in the legal department of the Securities Commission
of The Bahamas. Additionally, given our established
relationship with regulatory agencies and our involvement
with the development of financial service law, we can
draw on experience to offer prompt and clear advice
to help our clients determine how best to maintain compliance
in an increasingly complex and dynamic regulatory environment.
We are able to assist applicants for licenses or registration
to operate under various financial services related
regimes, as well as to advise existing licensees and
registrants through regulatory issues that might arise.
We are also able to assist financial service firms with
satisfying the regulatory requirements relative to anti-money-laundering
and counter financing of terrorism, including:
• the development and assessment of anti-money
laundering and compliance systems;
• the conduct of mock regulatory inspections and
anti-money-laundering health checks;
• anti-money-laundering training;
• consultation on KYC and due diligence best practices
(e.g. the handling of non-compliant relationships);
• the provision of KYC information verification
services (e.g. non-compliant/high risk clients);
• suspicious transactions reporting; and
• compliance with production and/or freeze orders
issued by the Financial Intelligence Unit or the Courts of
The Bahamas or the Cayman Islands.
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