Regulatory Alerts2008-01-17 | 24001Added · Updated
Guidelines for the Licensing of Financial Institutions in Trinidad and Tobago
The Central Bank of Trinidad and Tobago mandates that applicants for banking or financial nature licenses submit written applications accompanied by specific documentation, including a minimum paid-up share capital of $15,000,000, detailed business plans, and identification of shareholders owning 5% or more of capital. The guidelines require a fit and proper assessment of all directors and managers, necessitating the completion of Personal or Corporate Questionnaire Declarations, and stipulate that the management team must include at least two individuals with sufficient experience. License fees are set at TT$50,000 for banking institutions, TT$20,000 for financial nature institutions, and TT$10,000 per branch, with pro-rata calculations applying if the license is issued after March 31. The Central Bank retains the authority to reject applications after consulting the Minister of Finance and may issue licenses valid until revoked upon payment of the relevant fees.