Regulatory Alerts2019-06-26
Guidelines on the Dormant Accounts Web Reporting System
The Central Bank of The Bahamas mandates a secure web portal for financial institutions to submit annual dormant accounts data through either manual entry or spreadsheet upload. The system requires entities to cross-reference submitted account balances with corresponding payments, verify data integrity in a pending queue, and utilize built-in reporting tools for accurate record-keeping. It establishes strict security protocols, password management rules, and support procedures to streamline annual compliance and minimize data discrepancies.
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