Regulatory Alerts2021-07-27
Code of Practice for SFIs Maintenance of Effective Communication with Clients
The Clearing Banks Association (CBA) and the Association of International Banks and Trust Companies (AIBT), in consultation with the Central Bank of The Bahamas, issued this guidance requiring Supervised Financial Institutions (SFIs) to establish and maintain robust client communication protocols before, during, and after major hurricanes. The code mandates that SFIs retain at least two active contact methods per client, implement dedicated crisis communication committees, and deploy emergency notification systems alongside satellite phones to ensure uninterrupted service when primary networks fail. Furthermore, it outlines structured pre-storm preparation, real-time crisis management, and post-catastrophe recovery procedures that must be documented, tested annually, and submitted to the Central Bank for ongoing supervisory review.