By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
ISLAND Luck CEO Sebas Bastian suggested yesterday that he is open to the idea of having his company enter the business of providing banking services to customers.
“Obviously, from an enterprise perspective…we may be looking to fill any gaps that we deem makes good commercial sense for us,” he told reporters.
His statement came in response to a question about providing banking services in Family Islands where easy access to such services is often non-existent.
Royal Bank of Canada (RBC), for instance, recently announced its closure of four branches, including two on Bimini and Spanish Wells - the only two banks on those islands.
Residents of those islands now face the extra cost and inconvenience of leaving their islands to access a physical branch location.
Asked if his company could fill the void, Mr Bastian said: “One thing I can assure you is that the current governor of the Central Bank is in my opinion a very progressive thinker. He gets where banking is going. He understands that banking is going everywhere else in the world beyond the conventional brick and mortar and he’s very optimistic and open to other forms of banking, ie electronic banking, mobile banking. You can probably look in the very near future to the Central Bank looking to issue non-traditional forms of banking license services to service all these shortcomings in what has happened in the islands.”
The Christie administration has not taken an official position on granting banking licenses to web shop owners, although Tourism Minister Obie Wilchcombe has expressed opposition to such a system in the past.
Though illegal, web shops can be used as money transmission outlets.
FML Group of Companies Limited CEO Craig Flowers has said in the past that the Gaming Operators Association planned to seek a banking license.
Mr Wilchcombe, however, has said that web shops operating as banks would be a conflict of interest.
“I think what should happen is more Bahamians should own banks rather than web shop operators,” he said. “We can see Bahamians owning more banks but definitely not web shop owners.”
Nonetheless, LaTonia Tinker, a consultant in the Ministry of Financial services, has noted that “web shops” don’t apply for banking licenses, people do.
“And in their capacity and knowledge of banking searches and the ability to offer that service to the general public is what has to come into question when the Central Bank of the Bahamas then looks at the ‘fit and proper’ criteria in determining whether or not they are able to do so,” she told The Nassau Guardian in 2015.
Comments
ThisIsOurs 7 years, 1 month ago
God save us
ThisIsOurs 7 years, 1 month ago
"onetheless, LaTonia Tinker, a consultant in the Ministry of Financial services, has noted that “web shops” don’t apply for banking licenses, people do."
Rolls eyes. And "people" have to complete KYC documents that detail their business interests, sources and uses of funds. Is this really a representative from financial services speaking? I'd blacklist us on that statement alone, especially if they have any role in the approval process.
C2B 7 years, 1 month ago
Yes LaTonia, and guns don't kill people, people kill people. I suppose you "financial consultants" can groupthink yourselves in to believing your own BS.
What absolute nonsense; plain and simple. I did not hear Mr.Bastian say he was personally getting in to any business. Until this happens, it is a casino wanting to be a bank. Period. So stop your spin LaTonia.
Craig 7 years, 1 month ago
How can they even give a moments consideration to giving this former criminal a banking license? Why do we reward all the wrong things in this country? How about hard work, honesty, good family, being loyal to ones spouse, etc.?
jackbnimble 7 years, 1 month ago
Three words: DON'T DO IT!
Sickened 7 years, 1 month ago
HOLY SHIT!!! This would be even worse than the PLP getting re-elected!
Craig 7 years, 1 month ago
God I hate the thought of the PLP getting reelected. They jump in bed with the most shady types, Nygard, the number boys and god know who else!
Honestman 7 years, 1 month ago
and of course our Chinese "friends"!
Well_mudda_take_sic 7 years, 1 month ago
This comment was removed by the site staff for violation of the usage agreement.
Reality_Check 7 years, 1 month ago
My earlier post today re @mudda_sic: You are probably right in saying that Perry Christie as minister of finance and John Rolle as governor of our central bank plan to give banking licenses to both Sebas Bastian and Craig Flowers. This will likely be the quid pro quo for these two numbers' bosses bank rolling a large portion of the PLP party's general election campaign costs. It also explains why both Bastian and Flowers have recently bought and commenced construction on large parcels of ideally located land in high traffic areas which would allow for plenty of parking. Bastian and Flowers seem confident Christie will win the next general election or that whomever does win will not interfere with them obtaining licenses to conduct banking business. Knowing Christie as we all do, he might even try sell the shareholdings in Bank of The Bahamas held by the government and the national insurance fund to Bastian and Flowers for mere pennies on the dollar after the next large injection of capital at either the taxpayers' or national insurance fund contributors' expense.
Well_mudda_take_sic 7 years, 1 month ago
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TalRussell 7 years, 1 month ago
Comrades Sebas, is just playing by the numbers rules as established by the PLP Cabinet. Where were your voices when the PLP Cabinet, ignored the majority who voted against the "normalization" of the numbers rackets? It seems not only were the numbers "normalized" but so were the big-time Preacherman's voices? These days, not a damn whisper is coming from they's mouths - the same mouths that were all over talk radios - leading up the numbers referendum. Sometin, or another, has silenced the flock Preacherman's?
banker 7 years, 1 month ago
Good Luck getting a correspondent bank.
This may actually drive out everyone except Commonwealth, BoB and Fidelity -- and maybe even Fidelity. They were quick to ditch Money Gram to insure KYC/AML compliance.
theplpsucks 7 years, 1 month ago
The day the PLP agrees to that is the day we will be worse than Jamaica. That bank will be laudering all sorts of money and when the U.S. asks for compliance who will do it? Le them keep it up we will be in hell. When will the PLP understand you that rules apply to them?
Gotoutintime 7 years, 1 month ago
You have got to be kidding!!
Commonsense_Doe 7 years, 1 month ago
Wow! Bahamians are amazing the way these foreign banks are kicking them in there hip, taking jobs from them putting the jobs in Caribbean countries, & taking their land from default mortgages!!! They are being slaved by these foreign banks, & still yet they do not want their own Bahamians to gain in the financial services keeping the money in the country!!! How do you know the origin of these foreign off shore banks are they clean?! Sad Bahamians!
stoner 7 years, 1 month ago
Nygard is the best thing that ever happened to the Bahamas. He is rich and wealthy and made his fortune working hard and never stole a cent. The only problem is that he is honest except moving some sand and a little coral from the Ocean. MY! OH! MY! Look who is calling the Kettle black so to speak but no punt intended.He never stole his money and worked hard for it. The removal of sand from parts of Lyford Cay?? What a joke.The Bahamians have been destroying the Island for years Just look at piles the Conch shells and the damage they have done. Look what is happening to the island at the moment, it is been poisoned with the burning of garbage from the dump and the Govt has done nothing. Then why on poor helpless Nynard who is old and always paid his way and then some. HOW CAN YOU EXPECT PEOPLE TO COME AND INVEST IN YOUR COUNTRY? WITH CRIME OUT OF CONTROL AND GETTING WORST.FOXHILL PRISON MUST BE FULL TO CAPACITY.
realfreethinker 7 years, 1 month ago
birdiestrachan you change your name but the same shit still comes out of your brain
JB357 7 years, 1 month ago
Compliance issues for days and questionable characters!! It's a recipe for another blacklist fiasco!!!
bogart 7 years, 1 month ago
Pandoras box. Large pools of funds can be used to acquire and build houses, office buildings, condominiums. Market forces may not happen and everyone will be affected. Huge remittances and deposits to one bank certainly throws off the market workings of other banks who follow the international banking rules and administered by the Bahamian Central Bank. Growing the business in one direction may very well affect the jobs of those in the established banking sector. Legally they should be afforded the opportunity of opening banks as any other person.
Reality_Check 7 years, 1 month ago
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bogart 7 years, 1 month ago
Aren't laws great. Mind you we have over a 1000 lawyers. Around 470 murderers previous govt when in 2012 almost all politicians supported the Death penalty with at least one wanting to hang murderers in Rawson Square. And if the Privy Council did not approve some would adopt the Caribbean Court. To follow the law. Now Another f1ve years and noone hanged plus almost 1000 murderers and still noone hanged and get this that lawfully that if all murderers are not in jail and can vote these accused murderers can vote and in many constituencies determine who will win a Constituency seat and you want to lecture me about moral compass. I believe that if we were to have first started to hang the first few we would empirically not have to face an accused murderer within a mile or a few feet or so in our daily lives living on this small island. You want to talk laws how about talking about some 4000 persons in default of their mortgages and there is noone to defend them whether they were given mortgages they could not survive and repay and no banker jailed or bank investigated But laws are being passed to save their homes. Laws allow foreign citizens, mere citizens to answer the bank phone query and nosy into all your confidential bank records, foreign citizens, and now the govt wants to pass laws to listen in on your Bahamian confifential and other business when laws already allow foreigners to do that. Mind you one bank here in the Bahamas already will tell you they are recordeding your call for quality but there is no way that you can say that I prefer to not to want to participate, I the customer Bahamian citizen should have some rights too. Talk to your MP
TalRussell 7 years, 1 month ago
by TalRussell
killemwitdakno 7 years, 1 month ago
US is trying to frame you. But who'd know how to better prevent techniques than illegal money gamers themselves?
happyfly 7 years, 1 month ago
Wonder what happens when Flowers lends money and people don't pay the loan back because they blow their mortgage payment on numbers every week ? Or he lends money to politicians that just dont pay their mortgages at all ? Or they foreclose on a house and want to sell it to one of their buddies for cheap ?
You think Perry will lean on Flowers for a mortgage relief plan then ?
TalRussell 7 years, 1 month ago
Comrade HappyFly, certain things you needs to know what happens when you can't repay your mortgage loans back to the bank. They sell it someone in the business of helping you out with your payment problems.
In steps Sir Frankie Wilson's bad mortgages payments restructuring venture - to put a fresh smile backs on your face as Sir Frankie's people does gets your delinquent mortgage off to a wonderful new fresh payments start
sheeprunner12 7 years, 1 month ago
Who really owns Island Luck????????? .............. and who is Sebas fronting for in the PLP government??????
bahamian242 7 years, 1 month ago
This Punk will soon have his bubble burst!! It soon coming, dont worry! The bigger they the harder they fall! It does not matter who wins the next Government, it will go down!
truetruebahamian 7 years, 1 month ago
Snake Wilson and Bastian? God help us... as the song says - how low can you go...?
Reality_Check 7 years, 1 month ago
Most Bahamians would be wise to do google, youtube and facebook searches on each of the following with the word "Bahamas" added to find out who in our society have sold their souls to the devil by doing the bidding of the racketeering thug Sebas Bastian:
Playtech Systems Limited
Brickell Management Group
Island Luck
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