Regulatory Alerts2020-05-14
Added · Updated
International Banking (Amendment) Act, 2020
The International Banking (Amendment) Act, 2020 amends the International Banking Act to replace references to "offshore" with "international" and updates cross-references to the Domestic Banks and Financial Institutions Act. It introduces a definition for "borrower group," imposes a 25% limit on aggregate loans to a single person and a 15% limit on related party exposures, and mandates statutory reserves for international banks. The Act grants the Central Bank of Belize expanded supervisory powers, including the ability to revoke licenses, impose conditions, remove directors, and provide liquidity support through bill rediscounting and short-term loans. Existing licensees non-compliant with new reserve or exposure rules are granted a six-month transitional period to submit a compliance program.