Samoa: Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note
IMF Staff Country Reports, August 7, 2015
Source details
- Canonical URL
- Samoa: Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note
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Bibliographic details
- Published: August 7, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513502885.002
Key findings
- Little progress has been achieved toward implementing the recommendations of the 2007 Basel Core Principles for Effective Banking Supervision assessment.
- Initiatives by the Central Bank of Samoa to address weaknesses in supervision and regulation of domestic banks identified in 2007 were disrupted by:
- a series of natural disasters, and
- the use of limited supervisory resources on other priorities.
- Progress was achieved on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT):
- Samoa was upgraded to a “normal reporting" regime by the Asia Pacific Group on Money Laundering in 2014, from its previous status of "enhanced reporting."
Subject areas and risks highlighted
- Subject coverage: Bank supervision, Basel Core Principles, Commercial banks, Financial institutions, Financial regulation and supervision, Foreign banks, International organization, Monetary policy, Operational risk.
- Keywords emphasizing vulnerabilities and supervisory focus:
- asset quality, bank asset, bank portfolio, bank vulnerability, bank's liquidity profile, Operational risk.
- Regional context: Australia and New Zealand; Foreign banks; Bank supervision; Basel Core Principles.