Financial Supervision & Regulation

Objective: To maintain a sound and reputable financial system

The Financial Supervision and Regulation Department (FSRD) is responsible for executing one of the Central Bank's statutory roles of regulating, licensing, and supervising the financial system. Its aim is to promote and maintain financial stability, encourage the soundness and efficiency of the financial system, and reduce the potential damage from a bank failure or other financial system stresses.

Prudential Supervision Approach

Prudential supervision concentrates primarily on detecting early signs of weaknesses in financial institutions ( FIs) performances and their overall financial conditions. Through regular on-site inspections and offsite 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.

Statutory and Supervisory Framework:

1. Principal Acts:

a. The Central Bank of Samoa Act 2015

b. The Financial Institutions Act 1996 [Consolidated version as of December 2022]

c. The Insurance Act 2007

2. Prudential Statements/Standards/Guidelines:

Licensed and Supervised Financial Institutions and Intermediaries

1. Licensed Financial Institutions and Intermediaries as of 31 March 2024: (refer list of licensed FIs 2024)

a. Four (4) Commercial Banks (2 locally owned and 2 foreign owned).

b. 6 Insurance Companies (2 Life and 4 General)

c. 17 Money Transfer Operations (MTOs) / Restricted Foreign Exchange Dealers

d. 1 Money Changer

e. 4 Insurance Brokers

f. 17 Insurance Agents

g. 1 Credit Institution

2. Supervised Financial Institutions:

a. Commercial Banks

b. Insurance Companies and Intermediaries

c. Non-Bank Financial Institutions:

i. Samoa National Provident Fund (SNPF)

ii. Samoa Housing Corporation (SHC)

iii. Development Bank of Samoa (DBS)

iv. Unit Trust of Samoa (UTOS)

d. Credit Institution

Other Publication Data and Information:

1. Banking System Data

2. Domestic General Insurance Industry Data

3. List of Licensed Financial Institutions 2024

4. Commercial Banks Interest Rates, Fees and Charges as of March 2024

5. Licensing Requirements to conduct a Foreign Exchange Business in Samoa 2015