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In July, the Central Bank of Barbados issued a market conduct guideline for all entities it regulates. The guideline will also extend to future recognised entities such as digital currency operators and fintech companies.
The guideline, which went into effect on July 12, 2024, details how these entities should carry out several aspects of their operations, including implementing fees and charges, opening and closing accounts, handling complaints, and ensuring that vulnerable groups have access to financial services.
One key aspect is that commercial banks and deposit-taking finance companies must not charge individuals for domestic electronic transfers. This includes transfers you make or receive via batch processing or real-time processing. However, businesses and other organisations may incur a fee or charge based on the terms of their agreements with their individual financial institution.
Download the full Guideline below.