Financial Regulation in Antigua and Barbuda: Strict Compliance Procedures for Banks

Antigua and Barbuda has established a robust financial services sector, with banks operating under strict compliance procedures outlined by the Financial Services Regulatory Commission (FSRC). The FSRC’s commitment to effective regulation and supervision ensures that internationally recognized standards of financial regulation are upheld.

The Evolution of Antigua and Barbuda’s International Financial Services Sector

• Introduced in 1982, the International Business Corporations Act marked the beginning of Antigua and Barbuda’s international financial services sector.
• Since then, the country has established itself as a major player in the global finance industry.

Key Regulations for Banks Operating in Antigua and Barbuda

The Financial Services Regulatory Commission (FSRC) Act, enacted by the Government in 2013, outlines strict regulatory laws that banks operating in Antigua and Barbuda must adhere to. These laws provide a framework for the FSRC to function and ensure that all financial institutions comply with international standards of compliance.

Principal Functions of the FSRC

• Regulating and supervising banks
• Ensuring transparency and accountability among financial institutions
• Conducting regular audits and risk assessments to identify potential vulnerabilities in the banking system

Benefits of Enforcing Strict Compliance Procedures

By enforcing strict compliance procedures, Antigua and Barbuda aims to:

• Position itself as a preeminent financial center in the region
• Attract businesses and investors from around the world
• Demonstrate its commitment to effective regulation and supervision, crucial to achieving these goals.