Press Release: Fit and Proper Guidelines 2023, Industry Consultation

Published: Monday December 18th, 2023

Press Release

Fit and Proper Guidelines 2023, Industry Consultation

The Central Bank of The Bahamas is pleased to release for a 30 day consultation period, its Draft Fit and Proper Guidelines, which outline and describe the criteria that the Central Bank will consider in assessing the fitness and propriety of a person seeking approval to perform a regulated function. Moreover, the Guidelines strengthen the Central Bank’s efforts in ensuring that approved persons continue to meet the criteria to perform regulated functions.

Revisions to the Guidelines include, inter alia, enhanced approval and refusal criteria for regulated functions; reporting and disclosure of relevant information, enhancements to the Confidential Statement and the introduction of the Annual Return Form for Approved Persons.

The document can be accessed on the Central Bank’s website at www.centralbankbahamas.com on the main page under Press Release or in the Bank Supervision area of the website under Core Functions → Bank Supervision Department → Consultation Documents.

The consultation period will end on 31^st January 2024. Comments and questions regarding the Guidelines should be directed to the following:

Policy Unit

Bank Supervision Department

Email: [email protected]

18 December 2023 n