Regulatory Alerts2019-06-26
Guidance Note BTCRA 7: Use of Prohibited Words in Company Names
The Central Bank of The Bahamas outlines the policy and application process for non-licensee companies seeking Governor approval to use prohibited words like “bank” or “trust” in their business names. Applications are evaluated against three criteria, with the overriding factor being whether the chosen name is likely to mislead the public into believing the entity holds a banking or trust license. The Bank may attach compliance conditions to granted consents, including restrictions on future banking activities and mandatory annual reporting, with non-compliance triggering potential consent withdrawal.
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