The Central Bank of The Bahamas is warning against unauthorized entities seeking to conduct financial services business in The Bahamas.
The bank, in a notice published last week on Thursday, is warning the public that SP Monza Bank, Coral Credit Bank or Coral Credit, Bahamas GTB; and Bahamas Crypto Bank are not authorized to conduct financial services business in The Bahamas.
The bank also said: “Any company seeking to conduct banking and trust business, money transmission services, payment services, or other regulated financial activities in or from The Bahamas must be appropriately licensed or registered by the relevant Bahamian regulatory authority.
“False representations regarding licensing status may be intended to mislead investors and customers and may expose individuals to fraud and financial loss.
“Persons seeking to conduct business with a financial institution or service provider claiming to operate from The Bahamas should independently verify the entity’s regulatory status before engaging in transactions.
“The public is cautioned that the use of The Bahamas’ name, reputation, or regulatory framework in a misleading manner undermines confidence in the jurisdiction and may constitute a violation of applicable laws.”
The list of institutions licensed and registered by the Central Bank can be accessed on the bank’s website. “To note, the regulatory body responsible for overseeing securities and investment activities, including digital assets, in The Bahamas is the Securities Commission of The Bahamas.
The bank continued: “If you believe that you have been contacted by a fraudulent entity, or have already invested funds in or through such an entity, please report the incident to the Commercial Crime Unit at the Royal Bahamas Police Force.
“The Central Bank remains committed to protecting consumers, maintaining the integrity of The Bahamas’ financial system, and safeguarding the reputation of The Bahamas as a well-regulated international financial center.”
