Guidelines for Minimum Physical Presence Requirements Finalised

Published: Thursday April 24th, 2003

Contained in the Publications Section of this website, is the final version of the 'Guidelines for the Minimum Physical Presence Requirements for Banks and Trust Companies licensed in The Bahamas'. It replaces the draft Guidelines which were posted on this website in 2002, for industry consultation. As a result of this exercise, minor clarifications have been made, in particular, under the 'specific exceptions' section.

These Guidelines outline the Central Bank's minimum requirements for an institution to qualify as having a full physical presence in The Bahamas. They apply to institutions which are currently fully physically present, or are transitioning to full physical presence by the June 30, 2004 deadline. As such, after June 2004, the Guidelines will apply to all physically present licensees (with stated exceptions) and will no longer apply for the transition of managed banks.

Banks or trust companies satisfying these Guidelines would in the opinion of the Central Bank, not be deemed as a 'shell bank' according to the criteria of the Basel Committee on Banking Supervision, the USA Patriot Act or the Wolfsberg Group.

Licensees (or their managing agents) with any doubts or questions concerning these guidelines and their applicability, should contact:

The Inspector Banks & Trust Companies 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]