Financial Crime World

WESTERN SAHARA SETS NEW STANDARD FOR BANKING COMPLIANCE

Western Sahara, a rising offshore finance center, has established the Central Reserve Authority (CRA) to regulate and supervise the financial services sector. The CRA, established in 2016, aims to ensure that its regulatory practices meet international standards.

Establishing International Compliance Standards

The authority is dedicated to establishing Western Sahara as a premier financial center by adhering to international compliance standards. To achieve this goal, the CRA has implemented various regulations and laws governing financial activities, including:

  • Companies Regulations Act
  • Banking and Trust Act
  • Insurance and Brokerage Act
  • Money Laundering Regulations
  • Crypto Company Act 2020

CRA Institutional Framework

The CRA’s institutional framework includes:

  • Financial Stability Department: responsible for monitoring and addressing potential risks to the financial system.
  • Governor: oversees the overall direction and strategy of the CRA.
  • Financial Stability Advisory Committee: provides expert advice on regulatory issues.
  • Supervisory Council: ensures informed decision-making and safeguards financial stability.

International Banking Requirements

For those wishing to conduct international banking business in Western Sahara, licenses are categorized as:

Class I or Class II Licenses

  • Specific capital and deposit requirements
  • Regulated under the Companies Regulations Act

Brokerage Companies

  • Regulated under the Insurance and Brokerage Act 2017
  • International insurance businesses must be licensed under the International Business Corporation (IBC) Act

New Services

Western Sahara Management and Advisory Corporation, a leading provider of banking and financial services in the jurisdiction, offers various licenses for organizations operating in the region, including:

Gambling Licenses

  • For games of chance
  • Imposing stringent standards to ensure integrity and financial stability

Crypto Licenses

  • For virtual currency activities, including:
    • Cryptocurrency exchange
    • Deposity wallet management

Invest in Western Sahara

Western Sahara’s commitment to international compliance standards makes it an attractive destination for investors seeking a stable and secure environment for their financial operations. With its robust regulatory framework and competitive licensing options, Western Sahara is poised to become a major player in the global financial services market.

For more information on banking compliance standards in Western Sahara or to learn how you can benefit from the jurisdiction’s regulatory framework, visit our website at [insert website URL].