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Regulatory Requirements for Financial Services Providers in the Republic of the Marshall Islands

This document outlines the licensing requirements and fees for financial services providers in the Republic of the Marshall Islands.

Section 12: Financial Service Provider License

The Commissioner may specify terms for a license, which must be complied with. Key requirements include:

  • A name that might mislead or confuse customers is not allowed.
  • A license fee and other associated fees (specified in Schedule 1) are required to be paid before the license is issued or renewed.
  • Only the business type specified on the license may be engaged in, although additional types of businesses may be allowed with proposed business types submitted by organizers.
  • A license remains valid unless revoked, suspended, or varied in accordance with Section 128 of the Act.

Section 13: Assessment of Civil Money Penalties

Any person who contravenes or fails to comply with provisions of the Act shall be liable for a fine not exceeding $10,000 upon conviction. The Banking Commissioner will refer all violations under the Act to the Office of the Attorney General for enforcement proceedings.

  • Any person who contravenes or fails to comply with provisions of the Act shall be liable for a fine not exceeding $10,000 upon conviction.
  • The Banking Commissioner will refer all violations under the Act to the Office of the Attorney General for enforcement proceedings.

Schedule 1: License Fees and Other Fees

The schedule lists various fees associated with different types of financial services providers (e.g., banks, domestic and foreign) and activities (e.g., opening a branch, closing an agency). The fees are categorized into several groups:

  • Annual license fee for domestic and foreign banks.
  • Fees for each branch or when opening new branches in the Republic.
  • Fees to close a branch in the Republic.
  • Fees to open or close agencies or offices in the Republic.
  • Fees associated with acquiring business from another bank or acquiring substantial interest in a domestic bank.
  • Fees for foreign banks to open representative offices in the Republic.

Each group has several specific fees, and the total number of fees listed is 15.