Domestic banks are licensed under the Banking Act, 2015. There are currently two domestic banks: National Commercial Bank of Anguilla Limited and Republic Bank (Anguilla) Limited, formerly Scotiabank Anguilla Limited.
On 22 April 2016, two domestic banks of indigenous capital: National Bank of Anguilla Limited and Caribbean Commercial Bank (Anguilla) Limited ceased to carry on banking business. The operations of the banks were transferred to a recently established bank, the National Commercial Bank of Anguilla Limited, which is currently solely owned by the Government of Anguilla.
On 10 September 2019 the acquisition of Scotiabank Anguilla Limited by a subsidiary of Republic Financial Holdings Limited was approved by the bank’s prudential regulator, the Eastern Caribbean Central Bank (“ECCB”). The bank then changed its name from Scotiabank Anguilla Limited to Republic Bank (Anguilla) Limited.
Applications for domestic banking licenses must be made to the ECCB which is based in St. Kitts. The ECCB serves as the Central Bank to all member states of the Organisation of Eastern Caribbean States, including Anguilla, and is responsible inter alia for prudential regulation of all domestic banks within member states. However, the Financial Services Commission is responsible for the anti-money laundering and combating the financing of terrorism supervision for all domestic banks operating within Anguilla.
Offshore banking licenses are granted under the Trust Companies and Offshore Banking Act (TCOBA). Under the TCOBA, a banking licence is granted to applicants who are fit and proper and qualified to carry on offshore banking business. Under current guidelines offshore banking licenses will only be granted to:
Banks will only be granted licenses if their place of incorporation, mind and management are within the same jurisdiction, or, in the case of a subsidiary, if the mind and management is located in the jurisdiction in which consolidated supervision is being exercised.
In reviewing the application, the Commission will expect to be satisfied that: