In the Bahamas, Travel Rule requirements are set forth in the Financial Transaction Reporting Wire Transfer Regulations 2018 ("Regulations"), which apply to crypto businesses according to Section 4(2) of the DARE Rules 2022.
Threshold
In the Bahamas, Travel Rule requirements apply to transactions in amounts equal to or above 1,000 BSD. However, when transacting cross-borders, VASPs are required to transmit a limited scope of information even below this threshold. In the Notabene system - for simplicity and due to the challenge of resolving the counterparty jurisdiction when transacting with multi-entity groups - all transactions are treated as cross-borders and, hence, require a limited scope of information transmission below 1,000 BSD.
Amount | Currency | Source |
1,000 | BSD | Section 4 of the Regulations |
Required Originator and Beneficiary information vs Notabene system
Party to the TX | Required information (*) | IVMS field | Required < Threshold? (**) | Required > Threshold? (**) |
Originator | Name |
| Yes | Yes |
Originator | Number of the originator’s account |
| Yes | Yes |
Originator | Address |
| No | OR |
Originator | Number or identification document |
| No | OR |
Originator | Customer identification number |
| No | OR |
Originator | Date and place of birth |
| No | OR |
Beneficiary | Name |
| Yes | Yes |
Beneficiary | Number of the recipient’s account |
| Yes | Yes |
(*) According to Sections 4 and 7 of the Regulations
(**) YES = Required ; OR = Alternative fields