Banking Supervision

The Banking Supervision Department is responsible for licensing, regulating, and supervising the banking sector, pursuant to Section 71 of the Central Bank Act, 2018, in order to maintain public confidence in the safety and soundness of the financial system. The core mandate of the department is to protect users of these systems. Based on a supervisory framework it seeks to ensure that each institution is able to meet all its obligations. This Act may be cited as the Financial Reporting Act, 2013 to establish The Gambia Institute of Chartered Accounts to provide for the registration of chartered accounts, practicing and registered auditors and the setting of accounting, auditing and corporate governance standards; to establish the Financial Reporting Oversight Board; and for related matters. This Act may be cited as the Central Bank of The Gambia Act, 2018 to amend and consolidate the law relating to the Central Bank of The Gambia and to provide for related matters. This Act may be cited as the Banking Act, 2009 to repeal The Financial Institution Act No.8 of 2003 and to enact The Banking Act,2009 to make provision for the regulation of Banking Institutions, including Islamic Banking and for connected matters. This Act may be cited as the Money Laundering Act, 2012. which is to make provision for the prevention of money laundering, for anti-money laundering supervision, for punishment for money laundering and other related offences and for matters connected therewith. The Banking Financial Institutions Supervision Department is the department in the Central Bank charged with, among other things, the responsibility of screening applicants for banking license to operate in the Gambia. The aim of this guideline is to facilitate the licensing of banks both from the stand point of the Central Bank and the processing applicants. Guidelines For The Opening Of A Branch Or An Agency By Banking Institutions In The Gambia The purpose of this Guideline is to set out a framework which can be used by banks in determining whether a person is fit and proper to hold a key position within the organization.