Governor Orders Special Return from Licensees
In a bid to ensure transparency and accountability within the banking sector, Governor [Last Name] has ordered licensees to provide special returns effective immediately.
Requirements for Compliance
According to a statement released by the Governor’s office, licensees who fail to comply with the requirements of section 8 within four months of their financial year-end or those who fail to meet the requirements of section 9 for 42 days after the appointed date will be liable to a penalty of $250 per day of default.
Penalties for Non-Compliance
- Failure to provide special returns within the specified timeframe will result in a daily penalty of $250.
- The Governor has the power to extend the time for sending such returns by up to 60 days, should it deem necessary.
Additional Requirements and Consequences
In addition to providing special returns, the Governor may require licensees to provide financial statements and other information relating to their business operations. Licensees who fail to comply with these requirements or knowingly supply false information will be guilty of an offense and liable to:
- A fine not exceeding $100,000
- Imprisonment for up to two years
Office of Inspector of Banks and Trust Companies
The Governor’s office has established the Office of Inspector of Banks and Trust Companies within the Central Bank of The Bahamas. This new office will be responsible for conducting on-site examinations and off-site supervision of licensees to ensure compliance with relevant laws and regulations.
Responsibilities of the Inspector
- Maintaining a general review of bank and trust company practice in The Bahamas
- Conducting examinations and reporting to the Governor
- Examining returns delivered to the Governor
- Making recommendations on applications for licenses
Powers of the Inspector
The Inspector also has the power to:
- Inspect and supervise banks and trust companies in accordance with rules set out in the First Schedule
- Require access to books, records, and other documents
- Obtain information and explanations from licensees and their auditors
Goal of the Governor’s Move
The Governor’s move is aimed at strengthening oversight of the banking sector and ensuring that licensees operate in a manner that is transparent and accountable. By implementing these new measures, the Governor hopes to promote confidence in the financial system and protect the interests of depositors and investors.