Regulatory Alerts2022-05-05
Prudential Standard on Permissible Activities Under the Banking Act 2015
The Eastern Caribbean Central Bank issued this Prudential Standard to define and regulate the permissible activities of licensed financial institutions under the Banking Act 2015. The document explicitly designates broker and dealer services, payment card services, investment management, and insurance agency as banking practice while granting the Central Bank discretion to approve additional activities. Licensees seeking authorization for other activities must submit written requests supported by board approval, strategic alignment evidence, projected revenues, robust risk management frameworks, and compliant reporting systems.
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