Regulatory Alerts2022-05-27
Banking (Licences) Regulations 2018
Issued by the Minister or Governor upon Cabinet advice and the Central Bank’s recommendation, these 2018 regulations establish standardized application procedures and licensing criteria for banking businesses and financial holding companies under the Banking Act 2015. Applicants must submit prescribed forms, personal questionnaires for key stakeholders, and comprehensive supporting documentation covering capital adequacy, operational plans, risk management, and foreign institution consents, alongside a non-refundable fee. The Central Bank retains authority to refuse applications based on non-compliance or inaccurate disclosures, treat late submissions as obsolete after one year, and enforce standard licence conditions while reviewing material alterations to ensure ongoing regulatory compliance.