Banks & Trust Companies
As part of its ongoing efforts to strengthen international best practices for the management and operation of licensed banks and trust companies, the Central Bank of the Bahamas has developed Guidelines for the corporate governance of these institutions.
Also issued were Guidelines (amended) relating to the requirements for the transition of managed banks to full physical presence. The current policy of the Central Bank states that, beyond 30 June 2004, no licensee will be permitted to operate in or from within The Bahamas without a physical presence appropriate to the business of that institution.
The Bank has issued Guidelines pertaining to requirements for the continuation of the management of branches of foreign banks (currently without a physical presence) as well.
Financial Intelligence Unit
Under section 15 of the Financial Intelligence Unit Act, 2000, the Financial Intelligence Unit of The Bahamas is empowered to issue Suspicious Transactions and Anti-Money Laundering Guidelines in respect of each category of financial institution to which the Financial Transactions Reporting Act, 2000 applies, and to amend or revoke such Guidelines from time to time.
In this connection, the Financial Intelligence Unit has issued Guidelines specifically for the following:
-banks and trust companies within the meaning of the Central Bank of The Bahamas Act, 2000 (Act No. 37 of 2000) and the Banks and Trust Companies Regulation Act, 2000 (Act No. 38 of 2000);
-persons registered by the Securities Commission within the meaning of section 2 of the Securities Industry Act, 1999, (No. 1 of 1999) and all licensed and mutual funds administrators or operators, within the meaning of the Mutual Funds Act, 1995 (Act No. 6 of 1995);
-a company carrying on life assurance business as defined in section 2 of the Insurance Act and the External Insurance Act, Chapter 317 and 318 respectively, of the Statute Laws of The Bahamas, 1987 Edition and persons dealing in life assurance policies;
-other financial service providers referred to in section 3(1) of the Financial Transactions Reporting Act, 2000;
-licenced casino operators, within the meaning of the Lotteries and Gaming Act, Chapter 351 of the Statute Laws of The Bahamas, 1987 Edition;
-co-operative societies registered under the Co-operative Societies Act, Chapter 284 of the Statute Laws of The Bahamas, 1987 Edition.