Regulatory Alerts2022-05-27
Banking (Amendment) Act, 2018
Enacted by the national legislature, this legislation amends the Banking Act, 2015 to modernize regulatory frameworks and strengthen the Central Bank’s supervisory authority over licensed financial institutions. The Act updates critical definitions, including tier 1 capital and CARICOM national status, while introducing stricter financial requirements for specified assets, reserve fund maintenance, exposure limits, and real property investments. It establishes enhanced penalty regimes for non-compliance, streamlines the fit-and-proper assessment and removal of directors and officers, and grants the Central Bank broader powers to appoint receivers, approve outsourcing arrangements, and enforce remedial actions.
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