Supervisor and Regulator of the Financial System

What is an Authorised Dealer?

An Authorised Dealer is a bank which has been authorised by the Central Bank to deal in gold and all foreign currencies, and for this purpose, can open and maintain accounts in such currencies within the limits established by the Bank. Under authority delegated by the Central Bank, an authorised dealer can approve certain applications for foreign currency within specified limits. They can offer banking services to resident and non-resident clients.

As of September 30, 2007 there were eight Authorised Dealers operating in The Bahamas, namely:

Bank of The Bahamas International Limited, Fidelity Bank (Bahamas) Limited, FirstCaribbean International Bank Limited, Citibank N.A., Commonwealth Bank Limited, Finance Corporation of the Bahamas Limited, Royal Bank of Canada and Scotiabank (Bahamas) Limited.

  1. What is a trust company?
  2. What is an Authorised Dealer?
  3. What is an Authorised Agent ?
  4. How many banks and trust companies are there licensed to do business in The Bahamas?
  5. What is offshore banking business?
  6. Can I file a complaint with the Central Bank regarding a bank or other financial institution?
  7. I'm interested in establishing a bank/trust company in The Bahamas, how should I proceed?
  8. How many banks or trust companies have had their licences revoked since the implementation of new financial legislation and regulation on December 29, 2000?
  9. What legislative and regulatory changes facilitated the removal of The Bahamas from the 'blacklist' of non-cooperative countries and territories issued by the FATF?
  10. If I hold a client account with a bank or trust company whose license has been revoked, how do I get my money from that bank or retrieve my assets from the trust company?

Available FAQs