How did the Central Bank of The Bahamas Act 2000 and the Banks and Trust Companies Regulation Act 2000 impact banking operations?

Category: Banking Services

Answer:

These two new Acts provide for:

• improved supervision of banks and trust companies
• on-site inspection of banks and trust companies
• full cooperation on cross-border supervision of banks and trust companies
• enhanced cooperation between the Central Bank and overseas regulatory authorities
• extensive information gathering powers for the Central Bank
• enhanced supervisory powers for the Inspector of Banks and Trust Companies
• enhanced role of the Central Bank Governor
• expansion of the licensing criteria for banks and trust companies

More detailed information should be obtained directly from the Central Bank; specifically, the Inspector of Banks and Trust Companies.