Financial Supervison and Regulation

SUPERVISION AND REGULATION OF Sāmoa’s FINANCIAL SYSTEM

Mission: To maintain a sound and reputable financial system

Objectives of Supervising the Financial System
The Financial Supervision Department is responsible in executing one of the Central Bank’s Statutory roles of regulating, licensing and supervising the financial system with the aim to:

  • Safeguard the interests of depositors, creditors, policy holders  and unit holders by monitoring and enforcing international standards and best practices; and
  • Maintain confidence by promoting a sound and stable financial system for customers and the public in general.

Prudential Supervision Approach
Prudential supervision concentrates primarily on detecting early signs of weaknesses in financial institutions performances and their overall financial conditions. Through regular on-site reviews and analysis of financial information and reports provided, financial institutions performances are measured against the Bank’s prevailing prudential standards and requirements and reflecting on any significant trends or issues of concern in their financial positions.

The Bank’s Supervisory Framework:

1. The Central Bank of Samoa Act 1984
2. The Financial Institution Act 1996 [Consolidated version as at December 2013]
3. The Insurance Act 2007
4. The Money Laundering Prevention Act 2007

Licensed and Supervised Financial Institutions and Intermediaries
As of 31 December 2013, Sāmoa’s financial system consists of the following:

  1. The banking industry; this comprises of 4 commercial banks (2 locally incorporated foreign companies, 2 local companies).
  2. The insurance industry; this is made up of 9 insurance companies, 5 brokers and 14 insurance agents.
  3. The Non-Bank Financial Institutions; which includes the Samoa National Provident Fund (SNPF), the Samoa Housing Corporation (SHC), the Development Bank of Sāmoa (DBS) and the Unit Trust of Samoa (UTOS).
  4. The Foreign Exchange Industry; this includes fourteen (14) Money Transfer Operators /Restricted Foreign Exchange Dealers and one (1) Money Changer.

List of licensed and authorized financial institutions

 (Refer attached list of licensed financial institutions)

Documents:


Last Updated: 20 Feb 2017