NASSAU, Bahamas — Although general insurers were not included in the definition of corporate entities in the recently passed Financial Transactions Reporting Act (FTRA), regulations that were tabled in Parliament yesterday outline the stringent obligations of those in that sector, for which failure to adhere would result in jail time or fines.
The regulations, tabled by Deputy Prime Minister and Minister of Finance Peter Turnquest, stipulate that a general insurer must file a suspicious transaction report with the Financial Intelligence Unit (FIU) where a proposal, a proposer, or a circumstance involves the proceeds of criminal conduct, is related to an offence under the Proceeds of Crime Act, is an attempt to avoid the enforcement of any provision of the Proceeds of Crime Act, or is an identified risk.
“A general insurer who intentionally fails to submit a report to the FIU as required…commits a summary offence and is liable to imprisonment for a term up to five years or a fine up to $500,000 or to both such fine and imprisonment,” the regulations said. https://thenassauguardian.com/2018/07/26/rules-for-general-insurers-under-ftra-outlined/
