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Banking Act 1987 of the Marshall Islands

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Domestic Bank Application Requirements

The Banking Act 1987 of the Marshall Islands requires applicants to obtain a license from the Commissioner to operate a bank in the country. Here are the key requirements for domestic bank applications:

• Application Requirements: The application must be made in writing and include the following information:
  • Name and address of the registered office and principal place of business
  • Articles of incorporation and bylaws
  • Authorized capital and paid-up capital
  • Shareholder information (including full names, addresses, nationalities, occupations, and financial standing)
  • Director and officer information (including full names, addresses, nationalities, occupations, and banking experience)
  • Audited balance sheet showing compliance with Section 120 or 124 of the Chapter
  • Name, address, and professional qualification of the auditor
  • Date of the financial year end
  • Statement on trust powers
  • Principal officer and deputy information
  • Subsidiary corporation information (if applicable)
  • Business objectives and specific type of banking business to be conducted
  • Initial non-refundable application fee of $500

Foreign Bank Application Requirements

Foreign banks seeking to operate in the Marshall Islands must submit an application that includes all the requirements for domestic bank applications, plus:

• Additional Information: The application must include:
  • Certified shareholder list showing owners with more than 10% of issued stock
  • List of directors and chief executive officer certified by the secretary
  • Manager and deputy information for the branch in the Republic
  • Latest annual report and audited financial statements (showing two years of figures)
  • Letter from the central or state banking supervisory authority confirming no objection to establishing a branch

Additional Requirements

The Commissioner may require additional particulars or information as needed under this Chapter or regulations made thereunder.