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Banking Compliance Rules in Samoa: Ensuring Financial Stability

The Central Bank of Samoa has reiterated its commitment to maintaining a sound and reputable financial system, aimed at safeguarding the interests of depositors, creditors, policy holders, and unit holders. The bank’s mission is to regulate, license, and supervise the financial system to promote confidence and stability.

Prudential Supervision Approach

The Central Bank of Samoa employs a prudential supervision approach that focuses on detecting early signs of weaknesses in financial institutions’ performances and overall financial conditions. This involves regular on-site reviews and analysis of financial information and reports provided by financial institutions, which are then measured against the bank’s prevailing prudential standards and requirements.

Banking System Data

As of January 31, 2018, Samoa’s financial system consists of:

  • Four commercial banks
  • Six insurance companies
  • Four brokers
  • Seventeen insurance agents
  • Several non-bank financial institutions
  • Twelve money transfer operators/restricted foreign exchange dealers
  • One money changer

Licensed Financial Institutions

A list of licensed and authorized financial institutions in Samoa can be accessed online. The list includes details on the types of licenses held by each institution, as well as their respective roles and responsibilities in the country’s financial system.

Supervisory Framework

The Central Bank of Samoa’s supervisory framework is guided by several key pieces of legislation, including:

  • The Central Bank of Samoa Act 2015
  • The Financial Institution Act 1996
  • The Insurance Act 2007
  • The Money Laundering Prevention Act 2007

These laws provide a robust regulatory framework that ensures compliance with international standards and best practices.

Conclusion

The Central Bank of Samoa is committed to ensuring the stability and integrity of the country’s financial system. Through its prudential supervision approach and supervisory framework, the bank works to safeguard the interests of depositors, creditors, policy holders, and unit holders, while promoting confidence in the financial system.