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Banking Regulations Compliance Checklist: A Must-Have for Solomon Islands Financial Institutions

Introduction

In a bid to promote innovation and stability in the financial sector, the Central Bank of Solomon Islands (CBSI) has introduced a regulatory sandbox framework that allows new financial products and services to be tested under controlled conditions. The CBSI Regulatory Sandbox Framework outlines the minimum requirements for admitting proposed products and solutions for testing in the FinTech Regulatory Sandbox.

Understanding the Regulatory Sandbox

Financial institutions interested in participating in the sandbox program are advised to familiarize themselves with the objectives and principles of the initiative before submitting their applications. Early consultation with the CBSI is highly recommended to ensure a smooth application process.

Preparation for Submission

To ensure seamless submission, applicants must prepare their documents in PDF format and keep attachments under 5MB. If additional files exceed this size limit, they can be sent separately via email, clearly indicating that they relate to a single application.

Approved Applicants

The CBSI has also released a table detailing the approved applicants for testing, including:

• Entity name
• Registration number
• Product name
• Date of signing
• End of testing
• Website contact details
• Latest status

Getting in Touch

For more information on the regulatory sandbox program, interested parties can reach out to the CBSI Financial Systems and Regulations Department (FSRD) at regulatorysandbox@cbsi.com.sb.

Conclusion

Don’t miss this opportunity to innovate and comply with banking regulations in Solomon Islands. The CBSI Regulatory Sandbox Framework is a must-have for financial institutions looking to stay ahead of the curve and promote stability in the financial sector.