Regulatory Alerts2022-03-17
Banking Act 2015
The Eastern Caribbean Currency Union legislature issued the Banking Act 2015 to comprehensively regulate banking operations and establish a single, unified banking space. The Act requires all entities conducting banking business to obtain Central Bank licensing, mandates fit-and-proper ownership and control criteria, and enforces strict prudential standards for capital, liquidity, and risk exposures. It grants the Central Bank extensive supervisory and remedial powers, including the authority to appoint official administrators and receivers, while standardizing corporate governance, external audit obligations, and structured resolution mechanisms for failing institutions.
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