Regulatory Alerts2021-06-30
Dormant Accounts Guidelines 2021
The Central Bank of The Bahamas issues these guidelines to establish minimum standards for identifying, administering, and disposing of dormant deposit accounts that remain inactive for seven years without customer-initiated transactions. Banks must transfer or liquidate dormant balances to the Central Bank within two months after the statutory period expires, submit annual reports through a dedicated system without disclosing customer names or addresses, and maintain relevant records for five to seventeen years depending on the asset type. The framework also mandates interest accrual on balances of $500 or more before final transfer to the Treasurer and outlines a clear process for entitled persons to reclaim funds within ten years of receipt.