Regulatory Alerts2019-06-26
Guidelines for Managed Branches
The Central Bank of The Bahamas issued these guidelines to establish the minimum criteria and operating requirements for foreign bank and trust company branches that operate without a full physical presence in the country. Licensees must secure approval from their home or host country supervisors, appoint resident senior officers and compliance officers, maintain comprehensive records locally, and execute a Central Bank-approved Management Agreement with a qualified Managing Agent. Managed branches that satisfy these consolidated supervision standards, financial assurances, and know-your-customer obligations may continue operating remotely, while non-compliant entities must either convert to fully licensed institutions with a physical presence or wind up their operations.