Regulatory Alerts2019-06-26
Banks and Trust Companies Administrative Monetary Penalties Regulations 2016
The Governor of the Central Bank of The Bahamas issued these regulations to establish a structured administrative monetary penalty framework for licensees, money transmission agents, and private trust companies. The rules designate specific breaches as contraventions, classify them as minor, serious, or very serious, and prescribe fixed penalty amounts such as two hundred fifty dollars for late filings. A comprehensive schedule outlines ninety-one distinct contraventions across existing banking statutes while repealing outdated provisions to streamline regulatory enforcement.
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