Regulatory Alerts2014-02-11
Domestic Banks and Financial Institutions (Amendment) Act, 2014
The Parliament of Belize enacted this legislation to amend the Domestic Banks and Financial Institutions Act, 2012, specifically prohibiting the licensing of shell banks and removing currency transaction reporting requirements. The Central Bank of Belize is granted enhanced information gathering powers, allowing it to compel licensees and related parties to provide specified information or documents for supervisory purposes. Violations of these new information requirements constitute an offence punishable by significant fines and daily penalties for continued contravention.
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