Regulatory Alerts2021-06-30
Dormant Accounts Guidelines June 2021
The Central Bank of The Bahamas has issued the Dormant Accounts Guidelines to establish minimum regulatory standards for licensed banks managing inactive deposit accounts. The framework requires financial institutions to identify, administer, and investigate dormant balances that have experienced no customer-initiated transactions for seven years. Banks must align their internal policies with these standards to ensure the proper ultimate disposition of dormant account funds under regulatory supervision.
Central Bank of The Bahamas N O T I C E Re: GUIDELINES FOR THE ADMINISTRATION AND ULTIMATE DISPOSITION OF DORMANT BANK ACCOUNTS To: Supervised Financial Institutions The Central Bank of The Bahamas hereby notifies its supervised financial institutions that it has today released Guidelines for the Administration and Ultimate Disposition of Dormant Bank Accounts (“the Dormant Accounts Guidelines”). The Dormant Accounts Guidelines outline the Central Bank’s minimum requirements for the identification, administration and investigation of inactive deposit accounts and the ultimate disposition of dormant bank account balances and other facilities. The Guidelines apply to all licensed banks in The Bahamas and to all dormant accounts for which banks are liable and in respect of which there has been no customer-initiated transaction for a period of seven (7) years. While banks may develop their own documented internal policies and procedures, the Dormant Accounts Guidelines should be regarded as the minimum standard by which the Central Bank will assess the adequacy of such internal policies and procedures. This Notice is accessible via the hyperlink provided, or alternatively by visiting the website www.centralbankbahamas.com and viewing the document on the main page: Latest News→ “Dormant Accounts Guidelines” or Bank Supervision → Regulatory Framework → Policies & Guidance Notes.
Comments or questions regarding this Notice should be directed to: The Policy Unit Bank Supervision Department Central Bank of The Bahamas Market Street P.O. Box N-4868 Nassau, Bahamas Tel: (242) 302-2615 Fax: (242) 356-3909 Email: Policy@centralbankbahamas.com Issued: 30 June, 2021