FINANCIAL SERVICES REGULATIONS & REGULATORS

The Central Bank of The Bahamas Act 2000 and the Banks and Trust Companies Regulation Act 2000 provide for:

-improved supervision
-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

Regulatory Agency/Regulators:
Central Bank of the Bahamas
Governor of the Central Bank of The Bahamas
Inspector of Banks and Trust Companies

The Financial & Corporate Service Providers Act 2000 provides for:

-annual licensing of persons to carry on the business of financial and corporate services in or from within The Bahamas
-the duties of the licencees

Regulator:
Inspector of Financial and Corporate Services

The Financial Intelligence Unit Act 2000 provides for the establishment of a financial intelligence unit in The Bahamas, charged with:

-receiving, analysing, obtaining, and disseminating information relating to the proceeds of an offence under the Proceeds of Crime Act 2000
-informing the public, financial and business entities of their obligations under counter-money laundering measures

Regulator:
Financial Intelligence Unit

The Financial Transactions Reporting Act 2000 provides for:

-the identification of those who abuse the financial systems
-imposition of certain obligations on financial institutions in relation to the conduct of financial transactions and for connected purposes

Regulator:
Compliance Commission

The Securities Industry Act 1999, Securities Industry Regulations 2000, the Mutual Funds Act 1995, and Mutual Funds Regulations 1995 provide for:

-the formulation of principles to regulate and govern mutual funds, securities and capital markets

-the maintenance of surveillance over mutual funds, securities and capital markets ensuring orderly, fair and equitable dealings

Regulator:
Securities Commission of The Bahamas