Electronic Banking Guidelines Unveiled In Barbados

by Amanda Banks, Tax-News.com, London

11 November 2002

The Central Bank of Barbados last week unveiled new guidelines for electronic banking, designed - according to Governor, Dr Marion Williams - to provide guidance on the promotion of secure online banking activities, while at the same time maintaining the flexibility to accommodate future technologies.

Speaking at a press conference last week during which she delivered the Central Bank's view of the economy for the year to the end of September, Dr Williams revealed that the Central Bank has been working with commercial banks in the jurisdiction over the last year, in order to develop suitable ways in which to advance electronic banking in Barbados.

'What we have done here is to provide general guidelines so that they can choose what kind of system they want,' she explained, adding that:

'The guidelines are general since the Central Bank of Barbados is of the view that setting too detailed requirements in the area of electronic banking could lead to their becoming rapidly outdated.'

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