Regulatory Alerts2025-03-06
Approval Process
The Central Bank’s Approval Committee mandates that all banking activities require formal approval and defines its composition, including a Governor-chaired structure with three-year renewable terms for members selected for financial expertise and integrity. The committee exercises broad regulatory powers to grant, withdraw, or condition approvals for credit institutions, executives, and statutory auditors, while establishing capital requirements, operational conditions, client relationship rules, and shareholding transfer procedures. It further consults on banking matters, declares credit institution insolvency upon reasoned management or Central Bank requests, and standardizes supporting documentation through a dedicated procedural instruction.