NASSAU, BAHAMAS: The Central Bank of The Bahamas is warning the public about four entities that are falsely claiming to be licensed, regulated, registered or otherwise authorized to conduct financial services business in The Bahamas.
In a notice issued Thursday, the regulator identified SP Monza Bank, Coral Credit Bank (also known as Coral Credit), Bahamas GTB and Bahamas Crypto Bank as entities that are not licensed to conduct financial services in the country.
The Central Bank stressed that any company seeking to offer banking and trust services, money transmission, payment services or other regulated financial activities in or from The Bahamas must first obtain the appropriate licence or registration from the relevant Bahamian regulatory authority.
Officials warned that false claims about regulatory status may be intended to mislead investors and customers and could expose individuals to fraud and financial losses.
The regulator urged members of the public to independently verify the status of any financial institution or service provider claiming to operate from The Bahamas before conducting business or investing funds.
The Central Bank also cautioned that the unauthorized use of The Bahamas’ name, reputation and regulatory framework undermines confidence in the jurisdiction and may violate applicable laws.
Consumers can verify whether an institution is licensed or registered by consulting the Central Bank’s list of supervised financial institutions. The regulator noted that the Securities Commission of The Bahamas is responsible for overseeing securities, investment activities and digital assets in the country.
Anyone who believes they have been contacted by a fraudulent entity, or who may have invested funds through one, is encouraged to report the matter to the Commercial Crime Unit of the Royal Bahamas Police Force.
The Central Bank said it remains committed to protecting consumers, maintaining the integrity of the country’s financial system and safeguarding The Bahamas’ reputation as a well-regulated international financial centre.
