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Vanuatu Financial Regulators Ensure Banking Compliance

The financial landscape of Vanuatu has taken a significant step forward with the establishment of Westminster Bank Ltd, which was established under the International Banking Act Cap 280.

Compliance with Anti-Money Laundering and Know-Your-Customer Regulations

The bank’s compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations is overseen by the Vanuatu Financial Investigation Unit. This ensures that all banking activities in the country adhere to internationally accepted standards.

Key Benefits of Westminster Bank Ltd

• Vanuatu International Banking Licence, allowing it to conduct banking business outside of the country • Strict conditions require compliance with local laws and regulations in clients’ home jurisdiction

Major Boost for Vanuatu’s Financial Sector

This development is seen as a major boost for Vanuatu’s financial sector, providing greater transparency and stability for investors and customers alike. The compliance measures put in place by Westminster Bank Ltd demonstrate the country’s commitment to maintaining a robust financial system that adheres to international best practices.

By ensuring banking compliance, Vanuatu has taken a significant step forward in maintaining a financially stable and transparent environment for its citizens and international investors alike.