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Bahamas Banks Get Tighter Online Security Measures

New Regulations Aim to Ensure Secure Online Banking

Nassau, Bahamas - In a move to protect citizens from online banking threats, the Central Bank of The Bahamas has issued guidelines for licensees to follow in providing electronic banking (e-banking) services.

What are Electronic Banking Services?

Electronic banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic communication channels.

New Guidelines Aim to Establish Prudent Regulatory Regime

The new regulations aim to establish and maintain a prudent regulatory regime for e-banking services in the country. Under the guidelines, licensed banks are expected to implement risk management controls that are commensurate with the risks associated with their online transactions and delivery channels.

Key Aspects of the New Guidelines

  • Risk Management: Licensed banks must implement risk management controls that are commensurate with the risks associated with their online transactions and delivery channels.
  • Customer Education: Banks must provide clear and concise information to customers on how to use online banking services safely, emphasizing the importance of consumer education and awareness on online banking security.
  • Security Measures: Banks must have robust security measures in place to protect customer information and prevent unauthorized transactions.

All Licensed Banks Must Adhere to the New Guidelines

All licensed banks in The Bahamas are required to adhere to these new guidelines, which were issued by the Central Bank’s Policy Unit. Customers who have questions or concerns about these regulations can contact the bank directly for more information.

Move Expected to Provide Greater Peace of Mind for Citizens and Visitors

The move is expected to provide greater peace of mind for citizens and visitors using online banking services in The Bahamas, and demonstrates the country’s commitment to maintaining high standards of financial security.