Bahamas Banking

With the biggest multinational banks in the world opting to establish presence in the Bahamas, it is no wonder that the archipelago has copped a lucrative banking asset placed at over $200 billion, a portfolio that is among the biggest in the world alongside the United States, Switzerland, Japan and United Kingdom.

There are over 400 international banks operating in the Bahamas, most of which are branches of established banks in North America and Europe. This is a tremendous leap from just a few offshore banks that chose the Bahamas as an overseas base in the 1960s. The expanse of the industry is further boosted by some non-bank companies opening their own banks in the Bahamas both to streamline their operations and cash in on the lucrative business. Most banks have expanded their core businesses to also include trust, insurance and back-office management for clients.

With a strong commitment to compete and be at par with the best banking centers in the world, Bahamas is enforcing a strong regulatory check in ensuring a safe, secure and business-friendly atmosphere in its banking industry. The Central Bank of the Bahamas serves as the regulatory body for the banking sector, and ensures all policies adheres to international laws like upholding the bank secrecy law and the anti-money laundering law. The Association of International Banks and Trust Companies also helps to promote and implement the highest code of conduct in the industry.