History of BACO
In March 1999, Cheryl Bazard (a former Stipendiary and Circuit Magistrate, Legal Counsel with the Attorney General's Office and private practitioner), being relatively new to the compliance function invited Compliance Officers to explore networking opportunities amongst each other and to promote a culture of compliance within their institutions. The primary aim of this alliance of Compliance Officers was to provide a support mechanism to those who had the responsibility for "compliance" in its many permutations within their respective institutions.
The inaugural meeting of the proposed Association was held on 26th April, 1999 and was attended by not only Compliance Officers from a cross-section of financial institutions, but also lawyers from the Attorney General's (AG's) Office and members of the Drug Enforcement Unit (DEU) of the Royal Bahamas Police Force, who at the time processed suspicious transaction reports. After open discussion amongst the Compliance Officers, the Attorney General's Office and the DEU, it was decided that regulators and law enforcement officers would participate in the association by invitation only. The organization would provide a forum for Compliance Officers to freely discuss issues related to the execution of their duties and to network and educate themselves on issues of compliance. The association would maintain a close co-operative working relationship with the regulators and offer assistance in the review of relevant laws, procedures and best practice. Hence, the motto of the Bahamas Association of Compliance Officers (BACO).
BACO’s Mission
Our mission is to serve our respective organizations and the Bahamas as a whole by seeking to enhance the role of compliance in the Bahamas and thereby enhancing the integrity of and public trust in the Bahamian Financial Services Industry.
Objectives of BACO
1
To generally raise the profile of the compliance function in The Bahamas. This includes encouraging our respective organizations to emphasize the high value of their reputation and interest in contributing to enhanced client/investor protection and to remain committed to safeguarding clients/investors interests.
2
To be committed to high standards of conduct and the exercise of unquestioned integrity in our business and personal dealings within the Bahamas' Financial Services Industry.
3
To provide an open forum for the sharing of information, common ideas relative to the role of compliance within the Bahamian environment and the impact of Bahamian legislation on our respective organizations.
4
To provide the guidance and training required for the adoption of an effective compliance programme within our respective organizations (by way of relevant seminars, discussion papers, round-table discussions, etc.
5
To provide a forum for feedback to the Government of the Bahamas and the Central Bank of the Bahamas in respect of proposed new legislation and required best practice relevant to the Bahamas Financial Services Industry.
6
To serve as a lobbying group for new legislation and best practice relevant to the Bahamas Financial Services Industry.
7
Additionally, BACO will seek to provide members (whose primary responsibilities are, in part or completely related to Compliance) with excellent opportunities for effective networking, consulting and sharing of information necessary for supporting their positive and unique roles.