Financial Crime World

Banking Supervision Framework in Suriname: Assessment of Core Principles

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This article provides an assessment of the banking supervision framework in Suriname against the Core Principles for Effective Banking Supervision (CPBS) by the Basel Committee on Banking Supervision.

The legal framework in Suriname is assessed as Compliant with CPBS. Key aspects include:

  • The law identifies the Bank of Suriname (BNA) as the authority responsible for granting and withdrawing banking licenses.
  • The supervisor has powers to set prudential rules administratively without changing laws.
  • The supervisor can obtain information in the form and frequency it desires.

Principle 1(4): Addressing Compliance with Laws and Safety and Soundness Concerns

The legal framework is also assessed as Compliant with CPBS. Key aspects include:

  • The law enables the supervisor to require a bank to take prompt remedial actions and impose sanctions (including revocation of the license).
  • The law permits the supervisor to apply qualitative judgment in forming opinions.
  • The supervisor has access to banks’ files to review compliance with internal rules and external laws and regulations.

The legal protection for supervisors is partially compliant with CPBS. Key aspects include:

  • While there is no explicit provision, general administrative and civil law provide protection against lawsuits for actions taken in good faith.
  • The supervisory agency and its staff are adequately protected against the costs of defending their actions while discharging their duties.

Note: This summary is based on a machine-generated analysis, and it’s essential to review the original document for accuracy and completeness.