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Central Bank releases bank fees comparison
A COMPARISON of bank fees has been released by Central Bank - showing costs across financial institutions, principally for transactions related to deposit accounts and the maintenance of credit services.
Bahamas bank’s account seized over $58.5m ‘pig butcher’ scam
A Bahamian financial institution yesterday asserted it “has been proactively co-operating” with a US Secret Service probe that seized its bank account on the basis that $58.465m in fraud proceeds were laundered through it.
Opening Bahamian bank accounts ‘totally insane’
A PROMINENT accountant yesterday blasted “it’s crazy, absolutely insane” that Bahamian businesses face an average wait of more than two months to open a bank account compared to “20 minutes” in the US.
Businesses wait over two months for bank account
BAHAMIAN businesses face an average wait of more than two months to open a bank account with almost 80 percent asserting that the process “took longer than expected”.
Flamboyant ‘philanthropist’ facing fraud charges retrial
A flamboyant Bahamian businessman and “philanthropist” faces a retrial on fraud and money laundering charges after the Court of Appeal found the rules governing his Post Office Savings Bank accounts were “ignored routinely”.
Water Corp debt to main supplier grows to $16.6m
The Water & Sewerage Corporation's outstanding debts to its main BISX-listed reverse osmosis supplier increased slightly to $16.6m during the 2023 first quarter despite government pledges to eliminate this, it was revealed yesterday.
RBC’s $22m payment suspicion ‘reasonable’
The Court of Appeal yesterday ruled it was “reasonable” for Royal Bank of Canada (RBC) to find that $21.957m paid to a Bahamian businessman by a Slovakian he has never met for investment in his sand mining venture was “suspicious”.
Bahamians increasingly becoming fraud victims
The Financial Intelligence Unit (FIU) yesterday warned of an increase in Bahamians having funds stolen from their bank accounts after falling victim to phone and online scammers.
Accountants urged one-year Business Licence audit delay
Bahamian accountants had urged the Government to delay the Business Licence audit requirement for firms with an annual turnover of $5m or more by one year, it was revealed last night.
Water Corp’s debt to main supplier up $7m
The Water & Sewerage Corporation is taking “about as much water” as its main BISX-listed supplier can produce even though its debts to the latter rose 41.5 percent during the 2023 third quarter.
ArawakX accounts unfrozen following battle with financier
A Bahamian crowdfunding platform yesterday confirmed multiple accounts it holds with Bank of The Bahamas have been unfrozen after a dispute with one of its founding financiers impacted "probably thousands" of investors for months.
Prove services exports deserve VAT-free rating
Bahamian accountants must prove audit and other services they provide to financial services entities are “for purposes outside” the jurisdiction to obtain VAT-free treatment, the tax authorities have ruled.
Businesses blame COVID, KYC in bank account delay
Bahamian businesses are blaming stringent Know Your Customer (KYC) due diligence rules and the post-COVID hangover for why it takes an average two months to open a corporate bank account.
Top ArawakX investor ‘seriously prejudiced’ over BOB unfreezing
ArawakX’s largest investor has moved to intervene in its dispute with Bank of The Bahamas by alleging that the two sides’ agreement to unfreeze the crowd-funding platform’s accounts “seriously prejudices” his interests.
DOUBTS OVER SMITH’S ‘ABSURD’ ASSET CLAIM: Sands asks how can former passport chief not have bank account
DR DUANE Sands ripped into Kingsley Smith’s financial declarations for the West Grand Bahama and Bimini by-election, insisting the PLP’s candidate has “absurdly” implied that he does not have a bank account.
Accountants push back on new Business Licence fines
Bahamian accountants yesterday argued that the tax authorities’ failure to respond promptly to queries could leave them exposed to up to $150,000 fines over incorrect Business Licence fee certifications.
‘By no stretch’ is web shop’s Gaming Board battle ended
A Bahamian gaming house says “by no stretch of the imagination is this over” as it pledged to pursue further action over how the industry regulator is using its funds.
ArawakX blames BOB ‘mislabel’ for fund commingling allegation
The Bahamas’ first-ever crowdfunding platform is alleging that the “mislabeling” of its accounts by a BISX-listed bank created the “prejudicial impression” that it was commingling investor/client funds with its own.
Zero first-half progress on $16.4m Water Corp debts
The Government was yesterday shown to have made zero progress during the 2023 first half in reducing the Water & Sewerage Corporation's $16.4m debt to its main BISX-listed reverse osmosis supplier.
Financial crimes rise 54% to five-year-high
Financial crimes reported to the Royal Bahamas Police Force (RBPF) surged by 54 percent to 830 incidents in 2023 and representing a five-year high.
