Regulatory Alerts2019-06-26
Guidance Notice on Restricted Bank Licences
The Central Bank of The Bahamas formalizes its policy to discontinue granting new restricted bank licences, aligning with the strict statutory definition of a bank that accepts public deposits. Since ceasing this practice in 2012, the regulator has grandfathered existing holders, with only one active licence remaining in the system. This discontinuance framework explicitly excludes restricted trust licences, which remain subject to separate regulatory authorizations.
The Central Bank of The Bahamas G U I D A N C E N O T I C E Re: Restricted Bank Licences Licensee: Name Central Email: Email Address This Notice is intended to formalize the policy of the Central Bank of The Bahamas (“the Central Bank”) with respect to its discontinuance of granting restricted bank licences. The Central Bank has ceased the practice of granting restricted banking licences since 2012 and has ‘grandfathered’ those already in our system, of which only one remains. This stance is in keeping with the strict definition of a bank defined as one that accepts deposits from the public. This policy does not apply to restricted trust licences. Comments or questions regarding this Notice should be directed to: The Policy Unit Bank Supervision Department The Central Bank of The Bahamas Market Street P.O. Box N-4868 Nassau, Bahamas Tel: (242) 302-2615 Fax: (242) 356-3909 Email: Policy@centralbankbahamas.com Issued: 19 th October, 2016