Licensing

The Financial Services Act (CAP:44:05) requires prior licensing or registration of financial institutions by the Registrar.

The processing of applications adheres to the provisions of the Financial Services Act, which includes licensing directives issued under it and sector-specific legislation. The regulatory framework stipulates specific timeframes for the processing of license or registration applications. As part of the application review process, the Registrar conducts rigorous due diligence to ascertain the fitness and suitability of all owners, directors, and key personnel associated with a prospective licensee for their respective roles.

In addition to due diligence, the Registrar carries out on-site inspections of the premises to ensure that applicants operate in facilities equipped with the necessary technical and administrative capabilities required to conduct the intended business for which the license is sought. Once granted a license or registration, financial institutions are obligated to maintain ongoing compliance with relevant laws and regulations.