Domestic Banks & Financial Institutions Act

The Domestic Banks and Financial Institutions Act (DBFIA) 2012  was approved by parliament in August 2012 and enacted on 1 January 2013.  The DBFIA now (i) enhances the regulatory and supervisory framework of domestic banks and financial institutions to be compliant with international standards and best practices set by the Basel Committee on Banking Regulation and Supervisory Practices; and (ii) improves compliance and efficiency by setting administrative penalties for non-compliance with the requirements of the Act.

The DBFIA establishes the regulatory standards for domestic banks and financial institutions licensed in Belize in the following areas:

      • Licensing criteria
      • Capital adequacy
      • Director and management qualifications
      • External auditor requirements
      • On-site examinations
      • Related party
      • Corporate governance
Practice Directions

All  Circulars issued under the Banks and Financial Institutions Act have been renamed Practice Directions as stated in Section 9 of the DBFIA.  Practice Directions apply to all banks and financial institutions licensed under the DBFIA and are intended to assist all licensees in complying with relevant laws and regulations and to operate in accordance with international best practices.