Global Standard To Strengthen Bahamas Banking

Bank regulation in The Bahamas is expected to strengthen once the country fully implements a global standard designed for that sector.

During a recent one-day seminar hosted by The Bahamas Institute of Financial Services, Cassandra Nottage, a bank supervision manager at the Central Bank, told Guardian Business that it began implementing the risked-based supervision framework in 2010 in an effort to comply with the Basel Core Principles.

The seminar was designed to provide the knowledge and skills needed to understand the complex Basel III framework and its impact on the global financial system. Basel III is a international regulatory standard regarding bank capital adequacy, market liquidity risk and stress testing.

To date, Nottage said the Central Bank is approximately two-thirds of the way through the process and is hoping to be completed by June 2013. The bank currently monitors 257 licensees including banks and trusts.