Financial Crime World

Northern Mariana Islands Banking Regulations Compliance Requirements

The Department of Commerce in the Northern Mariana Islands has released a comprehensive guide for entities looking to establish a banking business in the Commonwealth. This guide provides an overview of the requirements and regulations that must be met before a bank can operate in the territory.

Organizing a Bank

A bank may be organized by three or more individuals acting on their behalf or by an attorney licensed to practice law in the Northern Mariana Islands. The incorporators must file a notice of intention with the Secretary of Commerce outlining the specifics of the proposed bank.

Charter and Licensing Process

Once the capital structure has been fully subscribed, the incorporators may apply for a charter with the Secretary of Commerce. This is followed by the submission of an application for a banking license, which requires an initial fee of $5,000 and a subsequent fee of $1,000 upon approval.

Capital Requirements

A key requirement for banks in the Northern Mariana Islands is the maintenance of paid-in-cash capital of at least $500,000. Additionally, all licensed banks must obtain deposit insurance from the United States or an agency thereof prior to conducting any banking business. The Department of Commerce has also waived this requirement for banks with assets exceeding $100 billion.

Lending Requirements

The guide emphasizes the importance of lending within the CNMI, stipulating that at least 50% of all loans annually must be made to residents and businesses within the territory.

Contact Information

For further information or assistance on banking regulations compliance in the Northern Mariana Islands, interested parties can contact the Banking Division of the Department of Commerce at:

By following these guidelines and requirements, entities can ensure compliance with banking regulations in the Northern Mariana Islands and successfully establish a banking business in the territory.