What is the difference between a restricted vs non-restricted Banking Licence?

Category: Banking Services

Answer:

Banks with restricted licenses may carry on business solely with, or for persons specified in the license. Unrestricted licensees are free to do business with the public and some of them are clearing agents. The major banks of North America and Europe have a presence in The Bahamas, which is not a brass plate financial centre.

Numbered among the public institutions are those designated by the Exchange Control Department to deal in Bahamian and foreign currencies and gold; Trust Companies designated as authorised agents to deal in foreign securities, or authorised dealers in gold, foreign currency and Bahamian dollars, or Authorised Agents/Dealers operating in Bahamian and foreign currency and securities and in gold and foreign currencies. Also included in the public institutions are Eurocurrency branches of banks based in the U.S., U.K., South America, Asia and Europe. The remaining are subsidiaries of banks or other institutions based outside The Bahamas, and Bahamian-based banks and/or trust companies.