Regulatory Alerts2026-08-26
Added
Public Notice No. 9 of 2026 – Unlicensed Money Lending and In-house Financing Activity under the Financial and Corporate Service Providers Act
Persons engaged in money lending, payday or cash advances, credit extension, or in-house financing without a licence under the Financial and Corporate Service Providers Act 2020 are operating in breach of the Act following the expiration of the transitional period on 14 June 2021. Any unlicensed person or institution must contact the Commission's Supervision Department at supervision@scb.gov.bs no later than 30 September 2026 to regularise their status. With effect from 1 October 2026, the Commission will pursue enforcement measures against those continuing money lending or credit extension activity without a licence, where conviction carries a fine not exceeding seventy-five thousand dollars, imprisonment for up to four years, and a further fine of one thousand dollars for each day the offence continues. These requirements do not apply to banks licensed under the Banks and Trust Companies Regulation Act, 2020 or to credit unions and other credit institutions regulated by the Central Bank of The Bahamas.
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