Bank Supervision

Guidelines & Regulations

Guidelines for Electronic Banking

Published Tuesday June 6th, 2006

These guidelines set out the Central BankÕs approach to the supervision of licenseesÕ e-banking services, provide licensees with guidance on general principles for risk management of e-banking, outline suggestions for consumer education and security, and introduce the types of internet financial services.

Electronic banking (e-banking) is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. The Central BankÕs supervisory objective is to establish and maintain a prudent regulatory regime for the provision of e-banking services in The Bahamas. The general principle is that licensees are expected to implement the relevant risk management controls that are commensurate with the risks associated with the types, complexity and amounts of transactions allowed and the electronic delivery channels adopted. The risk management controls established for e-banking should be fully integrated into the risk management systems of the licensee.

All licensees are expected to adhere to these guidelines.

Any questions regarding these Guidelines should be directed to:

The Policy Unit Bank Supervision Department The Central Bank of The Bahamas Frederick & Market Streets P.O. Box N 4868 Nassau, Bahamas

Tel (242) 302-2615 Fax (242) 356-3909 356-3909 Email: [email protected]

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