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News report: Chamber; Process to open a business bank account too inconsistent across banks

  • BCCEC
  • 8 hours ago
  • 2 min read

Published by Youri Kemp, The Nassau Guardian, February 18, 2026.

Dr. Leo Rolle, chief executive officer of the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC), lamented yesterday that opening a bank account is inconsistent from bank to bank, noting that this is frustrating for business owners.


“Opening a business bank account is so inconsistent across banks. One bank will ask for a business plan, and another doesn’t. And so we will, of course, work with Gowon [Bowe], who is the president of the Clearing Banks Association, and other organizations, so that we can continue to help businesses get through some of the red tape,” Rolle said on Guardian Radio’s Morning Blend talk show.


Opening a bank account in The Bahamas for businesses often involves a complex process, with wait times often exceeding two months for new businesses, though some applications are processed faster. While foreign investors can open accounts, they must comply with strict know your customer (KYC) regulations, requiring documents like business licenses, identification, and proof of address.


Don Williams, chairman of the BCCEC, also said: “It depends on the bank that you deal with. I believe that there are certain education campaigns that probably need to be run by the banks, both externally and internally. Myself and Dr. Rolle, we solved a banking issue for a member, and the issue, which I think ran on for about a month and a half, was because of miscommunication internally, and that member did everything that they were supposed to do, they met the appointments, filled out the necessary documents, provided KYC, but it was a miscommunication internally.


“So, we’re not going to say one bank is worse than the other, but you know, Dr. Rolle said it best, we’re going to work with the various agencies to see how we can streamline the process across all banks. Most of the procedures are the same. If you look at the application forms, they are asking basically the same thing, but now, based upon your internal logistics, how can we turn the process from months to maybe a couple of weeks and add to it better communication?”


The Central Bank of The Bahamas’ (CBOB) Business Account Opening Survey, released in February 2024, found that businesses were overall still unhappy with the time it takes and the documents required to open a bank account. The survey was conducted near the end of 2023. The CBOB’s report on the survey explained that in some instances where there is reduced risk by an entity, banks should use their discretion to lessen the difficulties associated with opening an account.


“As to the impact of anti-money laundering (AML) risk management policies and procedures, while all financial institutions are required to have effective and robust systems in place, in line with Financial Action Task Force (FATF) recommendations, tailored risk-based approaches should help ease the burden imposed on some relationships,” the report said.





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