Regulatory Alerts2011-01-01
The Banking Act 2011
Enacted by the Sierra Leonean Parliament and administered by the Central Bank of Sierra Leone, this legislation establishes a comprehensive regulatory framework for licensing banking business and deposit-taking activities. The Act mandates strict capital adequacy, liquidity reserves, and corporate governance standards while granting the Central Bank exclusive supervisory authority to examine institutions, enforce compliance, and revoke licenses for non-compliance or depositor risk. It further standardizes permissible bank activities, foreign subsidiary operations, and emergency liquidation procedures to ensure a safe, sound, and transparent banking system that protects public deposits.
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