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Compliance Regulations for Banks in Northern Mariana Islands Take Effect

The Department of Commerce in the Commonwealth of the Northern Mariana Islands has issued a comprehensive guide outlining the regulations and requirements for banks operating in the territory. This guide serves as an initial reference point for entities planning to engage in banking activities within the CNMI.

Organizing a Commonwealth Bank

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

Requirements for Charter and Banking License

Once the capital structure has been fully subscribed, the incorporators may apply for a charter with the Secretary of Commerce. Following approval of the charter, application for a banking license must be made to the Secretary of Commerce for an initial application fee of $5,000 and a banking license fee of $1,000 upon approval.

Key Requirements

  • A Commonwealth bank must at all times have paid-in-cash capital of not less than $500,000.
  • Licensee banks are required to obtain insurance for their deposits from the United States or any agency thereof prior to conducting any banking business. However, this requirement may be waived if the bank can demonstrate, upon independent reasonable authentication, that it has assets in excess of $100 billion.

Loan Requirements

  • At least 50% of all loans annually must occur within the CNMI.

Regulatory Oversight

The Banking Division of the Department of Commerce is responsible for regulating and overseeing the banking industry in the territory.

Contact Information

For more information or assistance, entities may contact the Banking Division of the Department of Commerce at:

The full banking requirements can be viewed in their entirety by referring to Commonwealth Code Division 6.