Financial Crime World

Western Sahara’s Banking Regulations Set New Standard for Offshore Institutions

The Central Reserve Authority (CRA) of Western Sahara has introduced two types of offshore banking licenses, catering to institutions seeking global recognition and financial stability.

Class I: Setting the Gold Standard

To obtain a Class I International Banking License, institutions must maintain a minimum paid-up capital of $3 million, with at least $500,000 deposited with the CRA or in an approved manner. This stringent requirement ensures financial strength and resilience, allowing institutions to withstand market fluctuations.

Benefits of a Class I license:

  • Global prestige and recognition
  • Financial stability and trustworthiness
  • Access to international markets
  • Compliance with best practices
  • Confidence and trust from clients

Class II: A Personalized Approach

The Class II International Banking License takes a tailored approach, with the CRA periodically curating a list of eligible customers or providing specific criteria as part of the licensing terms. This flexible approach allows institutions to target specific clients for their unique financial services.

Benefits of Class II:

  • Engage with curated clients for focused and efficient service
  • Stay compliant with regulatory standards through flexible capital requirements
  • Demonstrate financial stability and trustworthiness
  • Expand international banking portfolio with confidence

Obtaining a License

To start the application process, institutions can download an application form from info@advisorycorpws.com and send it back filled in correctly. The advisory corporation assists clients throughout the license obtaining process.

Timeframe:

  • Booking company name: 1 day
  • Bank approval: 3-4 weeks
  • License registration and notarization: 2 days

Institutions seeking to elevate their status in international banking can now apply for a Class I or II International Banking License. By meeting the CRA’s rigorous standards, institutions can demonstrate their commitment to excellence and integrity in offshore banking.