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Compliance Training for Financial Professionals in Western Sahara

Western Sahara, a rising offshore finance center, has established itself as a premier financial hub through its commitment to regulatory excellence. The Central Reserve Authority of Western Sahara (CRA), a regulatory body set up in 2016, ensures that the financial services sector adheres to international standards.

Regulatory Objectives

The CRA’s primary objective is to regulate and supervise the financial services sector in Western Sahara, with a focus on establishing the jurisdiction as a premier financial center. To achieve this goal, the authority has implemented strict compliance measures, aligning itself with global best practices.

Laws Governing Financial Activities

Several laws govern financial activities in Western Sahara, including:

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

The CRA’s institutional framework is designed to ensure informed decision-making and safeguard financial stability, comprising key structures such as:

  • Financial Stability Department
  • Governor
  • Financial Stability Advisory Committee
  • Supervisory Council

Compliance Training for Financial Professionals

The CRA has identified several areas of activity that require compliance training for financial professionals, including:

  • International banking requirements
  • Brokerage companies
  • International insurance
  • International trust corporations

To operate in Western Sahara’s financial services sector, entities must obtain licenses categorized as Class I or Class II, with specific capital and deposit requirements.

International Services Requiring Compliance Training

In addition to licensing requirements, the CRA has introduced a range of international services that require compliance training, including:

  • Gambling licenses for organizations offering games of chance
  • Crypto licenses for virtual currency activities, including cryptocurrency exchange and depository wallet management

The CRA issues gambling licenses with stringent standards to ensure integrity and financial stability. Similarly, it offers crypto licenses for virtual currency activities.

Resources for Compliance Training

For more information on compliance training for financial professionals in Western Sahara, visit the website of Western Sahara Management and Advisory Corporation. The corporation provides a range of banking and financial services in the jurisdiction, including gambling and crypto licenses.