General Information and Application Guidelines for Non-Bank Money Transmission Service Providers and Non-Bank Money Transmission Agents

Published: Tuesday July 8th, 2008

The Central Bank is pleased to announce the release of the General Information and Application Guidelines for Non-Bank Money Transmission Service Providers and Non-Bank Money Transmission Agents. 

The Banks and Trust Companies Regulation (Amendment) Act 2008 and the Central Bank of The Bahamas (Amendment) Act, 2008 were brought into effect on 2nd May 2008 and the Banks and Trust Companies (Money Transmission Business) Regulations, 2008 were brought into effect on 6th May 2008.

These Guidelines outline the Central Bank’s policy with regard to the licensing of non-bank providers and the registration of their agents. These Guidelines also specify the major considerations of the Central Bank in assessing applications for licensing providers, registering agents and the information that would normally be required in support of such applications. Further, these Guidelines set out the prudential, reporting and other regulatory requirements for providers and agents incorporated in The Bahamas.

The Guidelines have been posted on the Central Bank’s website for your viewing at www.centralbankbahamas.com.

Any questions regarding these Guidelines should be directed to:

The Policy Unit Bank Supervision Department The Central Bank of The Bahamas Frederick & Market Streets P.O. Box N 4868 Nassau, Bahamas Tel (242) 302-2615 Fax (242) 356-3909 Email: [email protected]

July 8th, 2008