The Bahamas Compliance Commission has announced that the deadline for submitting the annual anti-money laundering/terrorist finance onsite examination forms for 2017 is to be changed from 31 March to 30 June.

The purpose of the forms is to help the authorities assess financial institutions' compliance with Bahamian AML laws and rules. Each form may be used by the Compliance Commission and accountants duly appointed to act as its agents to conduct on-site visits or 'examinations.' Senior staff members at financial institutions may also use them for the purposes of off-site examinations.

The commission's brief is to maintain a general review of financial institutions in relation to the conduct of financial transactions and to examine firms whenever it sees fit.

In future, the deadline for the submission of the forms for the period 1st January to 31st December of each year will always be 30 June.