Financial Compliance in Antigua and Barbuda: A Key to a Well-Managed Financial Services Sector

The Importance of Effective Regulation and Compliance

Antigua and Barbuda has established itself as a major player in the global financial services industry, thanks in large part to its commitment to effective regulation and compliance. At the heart of this effort is the Financial Services Regulatory Commission (FSRC), which was created in 2013 through the enactment of the Financial Services Regulatory Act No. 5 of 2013.

The History of Antigua and Barbuda’s International Financial Services Sector

A brief look at the history of Antigua and Barbuda’s international financial services sector reveals that it all began with the enactment of the International Business Corporations Act CAP 222 (the IBC Act) in 1982. This marked the start of a journey towards establishing a robust regulatory framework, which would eventually lead to the creation of the FSRC.

The Role of the Financial Services Regulatory Commission

The FSRC functions under the umbrella of several key laws, including the Financial Services Regulatory Act No. 5 of 2013. This legislation provides the Commission with the necessary authority and oversight to ensure that financial services providers in Antigua and Barbuda operate within a compliant environment.

Key Responsibilities of the FSRC:

• Ensuring that all licensed entities are operating in compliance with relevant laws and regulations
• Conducting regular audits and examinations
• Taking enforcement action where necessary

Financial Compliance in Antigua and Barbuda: A Critical Component of a Well-Managed Financial Services Sector

In short, financial compliance in Antigua and Barbuda is a critical component of its well-managed financial services sector. With the FSRC at the helm, the jurisdiction is well-positioned to continue its growth as a major player in the global financial industry.