Regulatory Alerts2014-05-29
Fit and Proper Persons Test for Directors, Shareholders and Senior Management of Banks
Issued by the Central Bank of The Gambia in April 2014, this guideline mandates that directors, senior management, and controlling shareholders of licensed banks satisfy a comprehensive fit and proper assessment. The test evaluates candidates on good character, professional competence, and financial soundness, requiring banks to implement documented internal policies, conduct due diligence via standardized questionnaires, and maintain a centralized regulatory database. The Central Bank conducts periodic reviews every two years or upon new appointments, enforcing strict compliance through daily monetary penalties, mandatory financial disclosures, and the suspension or revocation of office and shareholding for non-compliant individuals.
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