Financial Supervision 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 2015
2. The Financial Institution Act 1996 [Consolidated version as at December 2016]
3. The Insurance Act 2007
4. The Money Laundering Prevention Act 2007
Licensed and Supervised Financial Institutions and Intermediaries
As of 31 January 2018, Sāmoa’s financial system consists of the following:
- The banking industry; this comprises of 4 commercial banks (2 locally incorporated foreign companies, 2 local companies).
- The insurance industry; this is made up of 6 insurance companies, 4 brokers and 17 insurance agents.
- 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).
- The Foreign Exchange Industry; this includes twelve (12) 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:SEPTEMBER QUARTER 2020 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES
docx - 80 KBNPF Prudential Statement Full Set PS 1 PS 6
doc - 56 KBDBS Prudential Statement Full Set PS 1 PS 6
doc - 60 KBPrudential Guidelines for Unit Trust 2015
pdf - 3.2 MBDECEMBER QUARTER 2020 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES
docx - 79 KBBanking System Data
xlsx - 24 KBBanking System Data
xlsx - 25 KBDECEMBER QUARTER 2021 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES
docx - 114 KBDECEMBER QUARTER 2022 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES
docx - 116 KBFINAL PS for Banks 1 11 2021 v2
pdf - 7.4 MBJUNE QUARTER 2022 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES
docx - 116 KBLicensed Financial Institutions 2023
pdf - 253 KBLicensing requirements to conduct Foreign Exchange business in Samoa
pdf - 2.5 MBSamoa General Insurance Industry for Website Jun 22 2
pdf - 156 KBSamoa General Insurance Industry for Website Mar 22
pdf - 154 KBSEPTEMBER QUARTER 2021 COMMERCIAL BANKS COMBINED INTEREST RATES FEES CHARGES publish
docx - 111 KBSHC Prudential Statements 2018
docx - 81 KB