Regulatory Alerts2021-01-01
Prudential Supervision of Commercial Banks: Prudential Statements January 2021
The Central Bank of Samoa issued these Prudential Statements to establish minimum governance and risk management foundations for all licensed financial institutions. The regulations mandate specific board compositions, including independent director requirements and residency rules, while defining clear accountability structures between the Board and Senior Management. Institutions are required to implement comprehensive risk management frameworks, maintain strategic business plans, and ensure robust internal audit and compliance functions to protect depositor interests.
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