Regulatory Alerts2005-01-01
Financial Institutions Act, 2005
Enacted by the King and Parliament of Swaziland with the Central Bank as primary regulator, this legislation establishes a comprehensive licensing and supervisory framework for local and foreign financial institutions. It mandates strict capital reserves, audit compliance, and prior authorization for deposit-taking activities while empowering the Bank to investigate unauthorized operations, approve mergers and conglomerate formations, and impose administrative penalties for non-compliance. The Act further standardizes naming conventions, defines banking business operations, and outlines clear procedures for licence issuance, revocation, and compulsory liquidation.
Share