Bank Supervision

Policies & Guidance Notes

Pursuant to The Banks and Trust Companies Regulation Act, 2000, and the Central Bank of The Bahamas Act, 2000, the Central Bank is responsible for the licensing, regulation and supervision of banks and trust companies operating in and from within The Bahamas. As such, all licensees are expected to adhere to the Central Bank's licensing and prudential requirements and ongoing supervisory programmes, including periodic onsite inspections, and required regulatory reporting.

From time to time, the Central Bank will issue policies to provide further clarity and guidance to licensees with regards to industry best practices. For your convenience, these policies are listed below in reverse chronological order.

Dormant Account Reporting to the Central Bank

Published Tuesday February 17th, 2009

Dormant Account Reporting to the Central Bank

Consistent with the Central Bank’s overall commitment to enhance the efficiency of its operations, we have recently developed the Dormant Account Web Reporting System (DARS). The DARS is a secure web portal that will allow banks to input annual dormant account submissions directly to the Central Bank’s dormant account web server, thereby eliminating the existing excel reporting system.

We have prepared the following two documents to assist with the preparation and reporting of dormant accounts.

a. Guidelines on the Dormant Accounts Web Reporting System, which outlines the functionality of the DARS, inclusive of security features and the website address.

b. Dormant Account Guidelines, which outlines the Central Bank’s minimum requirements for the identification, administration and investigation of inactive deposit accounts and the ultimate disposition of dormant account balances to the Central Bank.

Bank Supervision