Received yesterday from accounting at my Condo:
This update is to inform you of recent changes in U.S. and Belizean banking regulations. Effective immediately, we are no longer permitted to operate with our U.S. bank account since we are a Belizean company with our operations in Belize. We were recently informed by our bank of this change in banking regulations, and since they need to comply with the new regulations, they are requiring us to comply immediately. This means that, until further notice, we are no longer able to provide US dollar disbursements (check or wire transfer). We are looking into the issue further and exploring alternatives so we can restructure some of our operations related to U.S. dollars and potentially provide this U.S.
funds disbursement service to you again in the future. We will provide you updates as they develop.
Currently most owners receive their disbursements in Belize dollars. So for most, nothing has changed. If you have a local (Belize) account we can still process a local (Belize) deposit into that account. Or next time you visit Belize, we can issue you a local check that can be cashed and exchanged into U.S. dollars.
We realize this is not convenient for some of you - and it has also presented us with a challenge since we pay many of our travel agents and wholesalers in U.S. dollars. We also do significant purchasing in U.S.
dollars. Nonetheless, we're working hard to adapt quickly and still continue business as usual. This should have no effect on reservations nor any impact on the guest experience. Please bear with us as we make this change.