The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

POTENTIAL operators for The Bahamas' first-ever credit bureau will be "shortlisted" this month, the Central Bank's governor said yesterday.

John Rolle, addressing an anti-money laundering/counter terror financing conference organised by the regulator, said: "We are shortlisting potential operators for the bureau this month, and plan to complete the licensing process for the successful bidder before the end of 2018."

The Bahamas' Credit Reporting Project was launched by the Central Bank in 2010, in a bid to establish a national credit reporting system that included a Credit Bureau. The Bill and regulations were issued for public consultation in September 2014 ,and have been further revised since then, before finally being brought up for debate and passage in Parliament earlier this year.

Mr Rolle said the Central Bank has released updated anti-money laundering/counter terror financing guidelines that have "substantially" streamlined the documentation for opening a Bahamian dollar account. "This will make banking easier for all Bahamians, and also make banking available to some of our residents who previously could not open an account," he added.

Mr Rolle said the Bahamas continues to become a more "robust" jurisdiction in managing anti-money laundering/counter terror financing risks, adding: "This has a direct benefit in discouraging criminality, corruption and terrorism, and the large indirect benefit of giving the world's major financial markets and institutions the confidence to deal with us on good terms."