Go back to wiki and read that again until you understand it! And by the way if you are going to use wiki at least use the latest version.

Clever debate trick of when in doubt start talking even more confidently and begin to generalise, exaggerate and obfuscate. That does not change the fact that you were dead wrong in your statement above. Now you claim that under "international standards" "KYC due diligence several years ago, was transferred from a central body with rubrics to the individual institutions themselves, relying on their compliance procedures instead of central codified ones. In other words, it we offer guidance, but no directives, and if you are wrong, it is your fault". Do you really believe that? So are you saying that each Bahamian Bank or any bank in the world in any country, for that matter, can have its own kyc standards with no duty or obligations under local kyc laws? Please cite which central body in The Bahamas transferred such authority to "individual institutions" as you state above and under what legislation was this transfer effectuated?

Wow. To speak so confidently and to be so wrong. Before you speak any further please read the Gaming Act and its regulations. Web shops, by law must comply with the same kyc requirements of Bahamian banks pursuant to the FTRA. Further they are regulated by the same regulator as Casinos in the Bahamas so there is no difference in oversight. I do not know the chap, but what I know is that we should arm ourselves with knowledge and facts before spewing unfounded opinions and taking at face value everything someone tells us.

Read your post again and see if you understand it. The referendum had nothing to do with the law. We are talking about the Bahamas my friend, wake up and stop talking nonsense about tyrannical dictators!

What I find most interesting is that there are 35 comments about Island Luck, now a lawful Bahamian company trying to provide jobs for Bahamians and not a single comment about Scotia Bank firing 50 Bahamians. Irrespective of our personal feelings, the government has legalised certain forms of gaming activities for Bahamians. We may disagree with the law but we should not belittle the rule of law for it is the same law that provides all of us our basic legal protections and rights. Therefore, though I may not agree with the process and I may even disagree with the law, I will always respect the rule of law and on that basis Island Luck is entitled to the same basic legal protections and rights as every other law observing individual or company in our society.

Democracy works best with informed dialogue and debate from its stakeholders. Your post is an example of why our society and democracy is in such a sad state.

From day one I have been critical of the process by which the government choose to regularise this industry but as a Bahamian I too have grave concerns about the behavior ot these foreign owned banks in my country. These banks make their profits off the backs of Bahamians, would only lend Bahamians their own money on a secured basis at exorbitant rates, send all their profits back to their home land and at the first sign of a decline in profits fire Bahamians in masse. Your premise is plagued with some basic and fundamental shortcomings, but leaving those aside for the time-being, and accepting your premise at face value please explain to me under your theory why is it ok for the Symonette's whose wealth it is well known to have derived from "ill gottem gains" to own a bank and gaming shop operators not be even given the opportunity to apply for a bank account?

Every Bahamian should be offended by the crude and dismissive remarks of this buffoon. Without substantively responding to the on point criticism, he seems to be suggesting that CIBC is merely an innocent victim of petty politics when the only thing they are doing is safeguarding their depositors funds when they cajole Bahamians to take out high interest loans to be repaid through salary deductions.

A very serious accusation about which I am almost certain you have absolutely no evidence. Am a professional public accountant and for your information management prepares the accounts upon which they make certain assertions and the auditor would perform audit procedures on those assertions after which an opinion is issued by the auditors. The opinion of the auditors is their opinion and has nothing to do with management. Demeritte and McWeeney may not be free from blame but let's at least have a serious and honest conversation.

You have put forth a very interesting premise Sir/Madam which seems to be very appropriate to our current affairs. I guess in other words the Bahamian people should "Ask not what the PM and his Party can do for us but rather ask what we can do for the PM and his Party".