Saint Helena Financial Institutions Boost Security Measures to Protect Customers and Investors
The British overseas territory of Saint Helena, located in the South Atlantic Ocean, is taking significant steps to ensure the safety and stability of its financial system. The Bank of St. Helena, the sole provider of banking services on the island, has implemented robust regulations and security protocols to safeguard its operations and assets.
Regulatory Framework
The Financial Services Regulatory Authority (FSRA) of Saint Helena, Ascension and Tristan da Cunha is responsible for regulating and supervising all financial services activities on the territory. The FSRA sets prudential and conduct requirements for the bank, including:
- Capital adequacy
- Liquidity
- Governance
- Risk management
- Anti-money laundering
- Consumer protection
Currency Management
The Bank of St. Helena is responsible for issuing the St. Helena pound (SHP), which is pegged to the British pound sterling (GBP) at par. The bank operates under the Exchange Control Ordinance 1987, regulating the movement of currency and capital in and out of the territory.
State-of-the-Art Payment Systems
In addition to its regulatory compliance, the Bank of St. Helena has implemented state-of-the-art payment systems and technology, including:
- Cheques
- Debit cards
- Electronic funds transfers
- Mobile banking
The bank is a member of SWIFT, enabling secure and standardized messaging and payments with other financial institutions worldwide.
Comprehensive Security Measures
To ensure the security and continuity of its operations and assets, the Bank of St. Helena has developed comprehensive security policies and procedures, covering areas such as:
- Access control
- Surveillance
- Alarm
- Fire safety
The bank also conducts regular security audits and tests to identify vulnerabilities and implement necessary updates and patches.
Business Continuity Plan
The bank’s business continuity plan and disaster recovery plan outline actions to be taken in the event of a disruption or emergency, including:
- Power outages
- Network failures
- Fires
- Floods
- Pandemics
Commitment to Security and Customer Protection
These measures have been put in place to protect customers’ funds and ensure the stability of the financial system on the island. The Bank of St. Helena remains committed to enhancing its security measures and payment systems to provide a safe and efficient banking experience for its customers.