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Western Sahara Financial Advisors Must Comply with Regulatory Standards

The Central Reserve Authority of Western Sahara, established in May 2016, has been working to establish the region as a premier offshore financial center. To achieve this goal, the authority has implemented regulatory practices that meet international standards.

Regulatory Framework

To regulate the financial services industry, the Central Reserve Authority has established several laws, including:

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

These regulations aim to ensure the integrity of the financial system and protect investors.

Institutional Framework

The authority’s institutional framework includes:

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

These bodies work together to ensure informed decision-making and safeguard financial stability in Western Sahara.

Regulatory Compliance for Financial Advisors

Financial advisors operating in Western Sahara must comply with international banking requirements, which include:

  • Applying for licenses categorized as Class I or Class II, subject to specific capital and deposit requirements
  • Brokerage companies, international insurance businesses, and international trust corporations must obtain the necessary licenses to operate legally in the region

International Services Offered

The Western Sahara Management and Advisory Corporation provides a range of banking and financial services, including:

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

The authority issues gambling licenses with stringent standards to ensure integrity and financial stability.

Get in Touch

For more information on regulatory compliance and the range of services offered by the Western Sahara Management and Advisory Corporation, please visit our main website or contact us directly.