Regulatory Alerts2013-07-17
Revised Commercial Banks Licence Application Requirements
The Bank of Sierra Leone has issued revised licence application requirements for commercial banks, mandating written applications in English with designated spokespersons and comprehensive institutional documentation. Applicants must submit detailed information on controlling persons, a five-year business plan covering financial projections and risk management, and tiered minimum paid-up capital ranging from Le9 billion to Le30 billion depending on the year of application. The framework also establishes fixed licensing fees, mandates BSL-approved external auditors, and outlines specific compliance obligations for foreign banks seeking to establish branches or subsidiaries in Sierra Leone.
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