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  • LR-3.2 LR-3.2 Variations to a License

    • LR-3.2.1

      Conventional bank licensees must seek prior BMA approval before undertaking new regulated banking services.

    • LR-3.2.2

      Failure to secure BMA approval prior to undertaking a new regulated activity may lead to enforcement action being taken against the licensee concerned.

    • LR-3.2.3

      In addition to any other information requested by the BMA, and unless otherwise directed by the BMA, a conventional bank licensee requesting BMA approval to undertake a new regulated banking service must provide the following information:

      (a) a summary of the rationale for undertaking the proposed new activities;
      (b) a description of how the new business will be managed and controlled;
      (c) an analysis of the financial impact of the new activities; and
      (d) a summary of the due diligence undertaken by the Board and management of the conventional bank licensee on the proposed new activities.