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The International Financial Services Act, Cap 325 (IFSA), which governed the international financial services sector was repealed, effective January 1, 2019. Concomitantly, the Financial Institutions Act, Cap 324A (FIA) was amended to include new provisions under the Financial Institutions (Amendment) Act, 2018 (FIA Amendment) for the entities which were previously licensed under the IFSA. These licensees are now known as foreign currency earning banks and fall under Part IIIB of the FIA Amendment. The other major addition are provisions under Part III for money or value transmission service providers, which are to be supervised and monitored by the Central Bank of Barbados.
The FIA Amendment also fills gaps identified by the last Financial Sector Assessment Programme and broadens the scope of supervisory power and capacity. To this end, provisions were included to strengthen consolidated supervision, as well as some adjustments to strengthen compliance with Pillar 2 of Basel II, which addresses other key risks and factors not covered under Pillar 1.