Central Bank of The Bahamas (CBOB) - in the latest quarterly letter from the bank's supervision department - reminded banks and trust companies in the jurisdiction that they have six months before the bank begins applying penalties for breaches of the Banks and Trust Companies Regulation (Amendment) Act 2015, or the regulations made under that act. Those penalties are contained in the Banks and Trust Companies (Administrative Monetary Penalties) Regulations.

In the letter, dated June 26, 2015, Inspector of Banks and Trust Companies Abhilash Bhachech said the bank intends to share information concerning its internal administrative monetary penalties framework with licensees within the coming months. Central Bank had a busy quarter, assuming regulatory and supervisory responsibility for credit unions under the Bahamas Cooperative Credit Unions Act 2015 on June 1; updating and making corrections to the online reporting and information management system (ORIMS), which was launched in April 2015; and progressing consultations regarding the national financial crisis management initiative, which may yield legislation in the coming months.

The bank continues to survey the sector on corresponding banking relationships and other emerging matters.

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