ST. JOHN’S, Antigua, CMC—The Antigua and Barbuda Parliament on Monday gave the green light to the Banking (Amendment) Bill 2025, which is among a suite of harmonized bills across the Eastern Caribbean Currency Union (ECCU) on banking and finance matters. However, the Speaker, Osbert Frederick, criticized local banks for some of their policies.
Frederick was particularly critical of the ACB Caribbean bank for charging customers for withdrawals above a certain amount, telling legislators, “If that is not white-collar crime, I don’t know what is.”
“One particular bank, if you want to make a withdrawal of EC$5,000 (One EC dollar=US$0.37 cents), they charge you two percent, and I am going to call them out; it is the Antigua Commercial Bank and why it hurt me, Mr. Prime Minister and members of this Honourable House, that’s our bank.
“My grandparents, my parents, and yours built that. But now that they are large and in charge, the money that you deposit there, and for whatever reasons…your house insurance has become due, or your car insurance and/or car license have become due—and you want to make a withdrawal of EC$5,000 or more, they charge you two percent.
“If that is not a white color crime, I don’t know what it is,” Frederick said, adding, “and it hurts, it hurts.”
The amendment to the legislation aims to modernize the 2015 Banking Act by addressing longstanding complaints about excessive fees, bureaucratic hurdles, and customer service issues.
The government said a key part of the legislation is the mandatory provision of basic bank accounts for vulnerable consumers. The legislation indicates that these accounts must be free to open, have no charges for deposits or withdrawals, accrue interest, and not be subject to minimum balance requirements.
Prime Minister Gaston Browne, in tabling the legislation, expressed frustration with current banking practices.
“The banking sector must become more customer-oriented. Our people have faced unnecessary hurdles to access basic banking services for too long. The man working at Public Works gets EC$500 a week, and you want him to provide all kinds of information covering AML—CFT(anti-money laundering, combatting finance of terrorism regulations).
“What utter foolishness,” Prime Minister Browne told legislators, noting that “and then when the man goes back into the bank and says he wants an appointment, they tell him they can’t see him before another 60 days, and then when he comes back, you want all kinds of information”.
The government said the amendment aligns with the ECCU’s First Step Savings Account plan, which many local banks have begun implementing. It now forms part of the ECCU’s overall financial inclusion and Ease of Account Opening strategy, targeting the unbanked and underserved individuals in the ECCU.
The ECCU, which groups the islands of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts-Nevis, St. Lucia, and St. Vincent and the Grenadines, operates under the St. Kitts-based Eastern Caribbean Central Bank (ECCB)
Opposition legislator Richard Lewis welcomed the amendment and said it would ” boost economic activity” and the people’s “resilience.”
“I am happy to see this (provision)..and that Antiguans and Barbudans can now easily open a bank account, and you can get interest on your money,” Lewis said.
The bill also establishes a three-member Financial Dispute Resolution Commission to hear and decide complaints between consumers and banks. The Commission will have binding decisions and powers ranging from ordering refunds to declaring contracts void.
The Commission will consist of one Central Bank nominee, one from the Eastern Caribbean Currency Union Bankers’ Association, and a joint nominee with legal qualifications who will serve as Chairperson.
Significant administrative penalties have been incorporated throughout the bill, with fines of up to EC$250,000 for non-compliance with certain provisions. The Central Bank has been granted authority to set maximum fees and charges for banking services.
Other key provisions include prohibitions on doing business with shell banks, stricter regulations on related party transactions, restrictions on bank property leasing, and comprehensive protection of customer data.
The bill now heads to the Senate for final approval.
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