Definitions Of Banking Terms

AUTHORISED DEALER:

An authorised dealer is a bank which has been authorised by the Central Bank to deal in gold and all foreign currencies, and for this purpose can open and maintain accounts in such currencies, within the limits laid down in Exchange Control Notices issued by the Rank. Under authority delegated by the Central Bank, an authorised dealer can approve certain applications for foreign currency within specified currency and specified limits.

AUTHORISED AGENT:

An authorised agent is a bank or trust company authorised by the Central Bank to deal in Bahamian and foreign currency securities and to receive securities into deposits (i.e. to act as custodians) in accordance with the terms of Exchange Control Regulations Act and Exchange Control Notices issued by the Central Bank.