Regulatory Alerts2019-06-26
Central Bank of The Bahamas Dormant Accounts Guidelines
The Central Bank of The Bahamas issues these guidelines to establish minimum standards for identifying, administering, and transferring dormant deposit account balances to the regulator after seven years of inactivity. Licensed banks must proactively contact customers, accurately flag inactive accounts, deduct permissible administration fees, and remit balances plus accrued interest within two months of the calendar year in which the statutory period expires. Financial institutions are further required to maintain comprehensive records, submit annual reports through the Dormant Account Reporting System without disclosing customer names or addresses, and facilitate direct claims while preserving existing confidentiality obligations.
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