Virtual Underwriter

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Bulletin: BH2022004

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Bulletin: BH2022004

Bulletin Document
V 5
Date: October 18, 2022
To: All Stewart Title Bahamas Agents
RE: General - Compliance with ICB and FATF Due Diligence Requirements and Stewart’s SDN List Review

Dear Agents:

Stewart expects its Agents to remain up-to-date and compliant with their regulatory obligations as mandated by the Insurance Commission of the Bahamas (“ICB”). The ICB may identify regions where enhanced due diligence is required and/or identify high risk jurisdictions in accordance with the Financial Action Task Force (“FATF”). Under such circumstances, Agents must consider the risks when “maintaining business relationships or conducting transactions with listed jurisdictions including individuals, companies, financial institutions and those acting on their behalf”.

For up-to-date notifications and guidance, reference should be made to both the ICB’s and FATF’s websites:

ICB: Announcements & Notices | Insurance Commission (insurancecommissionbahamas.com)

FATF: High-risk and other monitored jurisdictions (fatf-gafi.org)

Agents are reminded this requirement is in addition to expected compliance with a due diligence review of the parties to the transaction per Stewart Bulletins SLS00158 and BH2022003.  Any questions or concerns regarding these requirements can be directed to your Stewart contact.  For online viewing of this and other bulletins please visit www.vuwriter.com

 

 

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References