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Financial Regulatory Compliance Checklist in American Samoa

The Financial Supervision Department of American Samoa’s Central Bank plays a crucial role in maintaining a sound and reputable financial system by regulating, licensing, and supervising the country’s financial institutions.

Mission and Objectives

The department’s mission is to safeguard the interests of depositors, creditors, policy holders, and unit holders by monitoring and enforcing international standards and best practices. To achieve this goal, the department employs a prudential supervision approach that focuses on detecting early signs of weaknesses in financial institutions’ performances and overall financial conditions.

Regulatory Framework

As of January 31, 2018, American Samoa’s financial system consists of:

  • Four commercial banks
  • Six insurance companies
  • Four brokers
  • 17 insurance agents
  • The Samoa National Provident Fund
  • The Samoa Housing Corporation
  • The Development Bank of American Samoa
  • The Unit Trust of Samoa

The country also has a foreign exchange industry that includes:

  • 12 money transfer operators/restricted foreign exchange dealers
  • One money changer

Financial institutions in American Samoa must obtain licenses from the Central Bank to ensure compliance with regulatory requirements. The department provides a list of licensed and authorized financial institutions, which can be accessed on its website.

Key Documents

Some of the key documents required by financial institutions include:

  • Prudential statements
  • Banking system data
  • Licensing requirements for conducting foreign exchange business

The department also publishes guidelines and regulations for various sectors, including:

  • Insurance
  • Non-bank financial institutions
  • Unit trusts

Regulatory Reforms

In recent years, American Samoa’s financial institutions have been subject to a range of regulatory reforms aimed at strengthening the country’s financial system. These reforms include:

  • The implementation of new prudential standards
  • Increased transparency requirements
  • Enhanced risk management practices

Conclusion

The Financial Supervision Department plays a critical role in maintaining confidence in American Samoa’s financial system by promoting a sound and stable financial environment for customers and the public. By ensuring compliance with regulatory requirements, the department helps to protect depositors, creditors, policy holders, and unit holders, while also supporting the growth of the country’s economy.

Key Documents

  • NPF Prudential Statement Full Set PS 1-PS 6
  • DBS Prudential Statement Full Set PS 1-PS 6
  • Prudential Guidelines for Unit Trust 2015
  • Banking System Data June 2023
  • FINAL PS for Banks November 11, 2021 v2
  • Licensed Financial Institutions 2024
  • Licensing requirements to conduct Foreign Exchange business in Samoa
  • MARCH QUARTER 2024 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES
  • Samoa General Insurance Industry for Website Feb 24
  • SHC Prudential Statements 2018

List of Licensed and Authorized Financial Institutions

For a comprehensive list of licensed and authorized financial institutions in American Samoa, please refer to the attached document or visit the Central Bank’s website.