Regulatory Alerts2004-02-18
Financial Institutions Act 1998
The Central Bank of Solomon Islands issues this Act to regulate, license, and supervise financial institutions conducting banking business within the jurisdiction. It mandates strict licensing requirements, minimum capital thresholds, and prudential supervision standards including asset quality and internal controls. The legislation also establishes enforcement powers for the regulator, defines prohibited activities, and outlines penalties for non-compliance or unlicensed operations.
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