Bahamas central bank warns public about entities falsely claiming to be licensed
Key Points(5)
- The Central Bank of The Bahamas has warned the public about several entities allegedly falsely claiming to be licensed to conduct banking business in the country.
- In a public notice, the Central Bank specifically identified Allied Bank and Trust Bahamas, along with several possible aliases or affiliated entities, as not being licensed to conduct banking business in The Bahamas.
- The entities named by the Central Bank are Allied Bank and Trust Bahamas, Allied Bank & Trust Limited, Allied Fund Services Limited, Allied Investment Advisors Limited, Allied Securities Ltd.
- and Alliance Bank & Trust Limited.
- The regulator said any company seeking to conduct banking and trust business in The Bahamas must be appropriately licensed.
The Central Bank of The Bahamas has warned the public about several entities allegedly falsely claiming to be licensed to conduct banking business in the country.
In a public notice, the Central Bank specifically identified Allied Bank and Trust Bahamas, along with several possible aliases or affiliated entities, as not being licensed to conduct banking business in The Bahamas.
The entities named by the Central Bank are Allied Bank and Trust Bahamas, Allied Bank & Trust Limited, Allied Fund Services Limited, Allied Investment Advisors Limited, Allied Securities Ltd. and Alliance Bank & Trust Limited.
The regulator said any company seeking to conduct banking and trust business in The Bahamas must be appropriately licensed.
“All persons operating without the required license or registration are to immediately cease and desist operating,” the Central Bank said.
It warned that punitive measures can be taken against entities operating without the required authorization under Section 46(2) of the Central Bank of The Bahamas Act, 2020.
The Central Bank also urged people considering doing business with financial institutions or service providers claiming to operate in The Bahamas to independently verify their regulatory status before carrying out transactions.
A list of licensed and registered financial institutions is available through the Central Bank’s website.
The regulator also advised anyone who believes they have been contacted by a fraudulent entity, or who has already invested money in or through such an entity, to report the matter to the Financial Crimes Unit of the Royal Bahamas Police Force.
The warning was issued Wednesday, Aug. 26.
