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Northern Mariana Islands Banking Regulations Compliance: A Guide to Filing Applications

The Northern Mariana Islands Department of Commerce has made it easy for businesses to comply with banking regulations by consolidating all banking applications and related information into one convenient location - the Application Center. This guide will help you navigate the application process and ensure compliance with banking regulations in the CNMI.

Banking Applications

To maintain compliance, finance institutions must submit various documents, including:

  • Finance Annual Report Form & Admin Notice
  • Banking Code
  • Regulations on Certification of Educational Institutions
  • Banking Application - Renewal
  • Offshore Banking Application

Foreign Exchange Remittance

Businesses engaged in foreign exchange remittances must apply for a license through the Department of Commerce. The application process includes:

  • Foreign Exchange Agent Application
  • Foreign Exchange Dealer Application (new and renewal)
  • Remittance Checklist (new)

Compliance Requirements

To maintain compliance, finance institutions must adhere to various regulations, including:

  • Finance Checklist
  • PL 12-36 Finance Company Statute
  • All Files - Zipped Folder

The Department of Commerce also provides instructions for filing petitions for a charter or articles of incorporation for non-profit, tax-exempt corporations.

Workers’ Compensation Commission

The Northern Mariana Islands Workers’ Compensation Commission (WCC) is responsible for enforcing workers’ compensation laws and regulations. The WCC has made available various forms and checklists to facilitate the application process, including:

  • Certificate of Compliance, Form WCC-100
  • Injury Claim Forms
  • Self-Insurance Authorization, Form WCC-106
  • Business License Clearance Application, Form WCC-101

Other Applications

In addition to banking and foreign exchange remittance applications, the Department of Commerce also accepts applications for various other licenses and permits, including:

  • Investment
  • Pawnbroker
  • Securities broker
  • Trust
  • Dormant accounts

The application process includes submitting relevant forms and checklists.

By following these guidelines and regulations, businesses in the Northern Mariana Islands can ensure compliance with banking regulations and maintain a smooth operation.