Gambian Regulatory Body Warns Public on Banking Institution Shareholders

The Financial Regulation Authority (FRA) of The Gambia has taken a significant step to ensure transparency and accountability among individuals seeking to acquire shares in banking institutions within the country. This move aims to protect the financial stability of Gambian banks and prevent any potential risks that may arise from unsuitable shareholders.

Requirements for Shareholders

As part of its efforts, the FRA is requiring individuals who plan to become directors, senior officers, or shareholders of banking institutions to fill out a questionnaire. The document seeks information on:

Employment history
Academic and professional qualifications
Past affiliations with other financial institutions

The questionnaire also inquires about:

Any criminal convictions
Disciplinary actions taken against them
Instances where they have failed to meet their obligations as creditors
Whether they have ever been adjudicated bankrupt or had a licence revoked by the Central Bank of The Gambia or another regulatory authority

Additional Requirements

Furthermore, the FRA is seeking information on:

Any investigations conducted by government departments, professional associations, or regulatory bodies into an individual’s affairs within the last 10 years
Whether they have ever been barred from entry into any profession or occupation

Purpose of the Questionnaire

The questionnaire serves as a crucial tool for the FRA in assessing the fitness and propriety of individuals seeking to become involved with Gambian banking institutions. By ensuring transparency and accountability, the authority aims to maintain public trust and confidence in the country’s financial system.

Source: The Point Newspaper (Banjul, Gambia), 20th March 2020