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The Valuation of Prudential Standards for Licenced Financial Institutions Under The Banking Act, 2015 address Real Estate appraisals and evaluations used to support Real Estate related financial transactions. These Standards are structured in accordance with internationally accepted valuation standards, and are intended to provide guidance to financial institutions licenced under the Banking Act on the principles for asset valuations and the establishment of the minimum content of valuation programmes.
This Prudential Standard shall come into effect on the 1st day of January 2020. This Prudential Standard applies to all institutions licenced under the Banking Act. This Standard must be read in conjunction with the suite of Prudential Standards issued by the ECCB. All submission timeframes would be measured in calendar days.
This Prudential Standard aims to:
(a) List the activities that have been deemed to be banking practice under section 103(2)(n) of the Act;
(b) Establish the conditions under which the Central Bank would consider any other permissible activity under the Act.
The Standard aims to promote the development and implementation of sound credit risk management frameworks at LFIs. This Standard represents the ECCB’s minimum requirements for credit risk management and should therefore not be viewed as all encompassing.
Click here to access standard.
The ECCB issued these guidance notes in May 1995 to assist financial institutions in developing programmes to combat money laundering. They promote the implementation of adequate anti-money laundering policies, procedures and controls as they relate to customer identification, verification of transactions, record retention, reporting of suspicious activity, recruitment and training of employees and audit reviews.
ECCU member territories subsequently passed more comprehensive legislation and guidance notes, which ECCB’s guidance notes are expected to complement. Where the requirements of ECCB’s guidance notes differ with the individual territory’s guidance notes, regulations or laws, the territory’s guidance notes, regulations or laws would take precedence.
Pursuant to the authority granted under section 184 of the 2015 Banking Act, the Eastern Caribbean Central Bank (ECCB) hereby issues the Prudential Standards for the Management of Operational Risk for Institutions Licenced Under the Banking Act. This standard was effective as at 1 august 2020. Please click here to view the full document.
Pursuant to the authority granted under Section 184 of the Banking Act, 2015 (the Act), the Eastern Caribbean Central Bank (ECCB) has issued the Prudential Standard for the Outsourcing of Services for Institutions Licenced under the Banking Act (the standard). The standard would came into effect from 1 october 2020. Click here to read the full document.
This Prudential Standard is issued by the Eastern Caribbean Central Bank, in the exercise of the powers conferred on it by section 184 of the Banking Act, 2015. Click here to read the full document.
The Valuation Prudential Standards for Licenced Financial Institutions Under The Banking Act, 2015 address Real Estate appraisals and evaluations used to support Real Estate related financial transactions. These Standards are structured in accordance with internationally accepted valuation standards, and are intended to provide guidance to financial institutions licenced under the Banking Act on the principles for asset valuations and the establishment of the minimum content of valuation programmes.
This Prudential Standard shall come into effect on the 1st day of January 2020. This Prudential Standard applies to all institutions licenced under the Banking Act. This Standard must be read in conjunction with the suite of Prudential Standards issued by the ECCB. All submission timeframes would be measured in calendar days.
Prudential Standard for Credit Risk Management and Credit Underwriting for Institutions Licenced to Conduct Banking Business Under the Banking Act, 2015
The Standard aims to promote the development and implementation of sound credit risk management frameworks at LFIs. This Standard represents the ECCB’s minimum requirements for credit risk management and should therefore not be viewed as all encompassing.
Pursuant to the authority granted under section 184 of the 2015 Banking Act, the Eastern Caribbean Central Bank (ECCB) hereby issues the Prudential Standards for the Managment of Operational Risk for Institutions Licenced Under the Banking Act. This standard was effective as at 1 August 2020.
Pursuant to the authority granted under Section 184 of the Banking Act, 2015 (the Act), the Eastern Caribbean Central Bank (ECCB) has issued the Prudential Standard for the Outsourcing of Services for Institutions Licenced under the Banking Act (the standard). The standard came into effect on 1 October 2020.
This Prudential Standard is issued by the Eastern Caribbean Central Bank, in the exercise of the powers conferred on it by section 184 of the Banking Act, 2015.
