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Compliance Requirements for Banks in Western Sahara

The Central Reserve Authority of Western Sahara, established in 2016, plays a crucial role in regulating and supervising the financial services sector in the region. To establish Western Sahara as a premier offshore finance center, the authority adheres to international compliance standards.

Regulatory Framework

To achieve its goal, the Central Reserve Authority has put in place several regulatory laws governing financial activities:

  • Companies Regulations Act: Regulates the incorporation and operation of companies in Western Sahara.
  • Banking and Trust Act: Establishes the framework for banking and trust services in the region.
  • Insurance and Brokerage Act: Regulates insurance and brokerage activities.
  • Money Laundering Regulations: Prevents money laundering and terrorist financing activities.
  • Crypto Company Act 2020: Regulates virtual currency activities, such as cryptocurrency exchange and depository wallet management.

These regulations ensure that financial institutions operating in Western Sahara are subject to strict compliance requirements.

Institutional Framework

The authority’s institutional framework is designed to ensure informed decision-making and safeguard financial stability. The key structures include:

  • Financial Stability Department: Responsible for monitoring the financial system and preventing instability.
  • Governor: Heads the Central Reserve Authority and oversees its operations.
  • Financial Stability Advisory Committee: Provides expert advice on financial policy and regulation.
  • Supervisory Council: Oversees the supervision of financial institutions.

Licensing Requirements

For those looking to conduct international banking business in Western Sahara, licenses must be obtained categorized as:

  • Class I: Requires a minimum capital of $1 million and deposit requirements.
  • Class II: Requires a minimum capital of $500,000 and deposit requirements.

Similarly, brokerage companies, international insurance businesses, and international trust corporations are subject to licensing requirements outlined by the Central Reserve Authority.

Additional Regulatory Requirements

In addition to these regulatory requirements, the authority also issues:

  • Gambling Licenses: For organizations offering games of chance, imposing stringent standards to ensure integrity and financial stability.
  • Crypto Licenses: Allows entities to engage in virtual currency activities such as cryptocurrency exchange and depository wallet management.

Getting More Information

For more information on compliance requirements for banks in Western Sahara, please visit our main website at [insert website URL].

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