The information below provides details about the Samoa banking system, and details on opening a Samoa offshore bank account. You will find details on the laws and regulations that govern the banking system, as well as a list of local and international banks that operate in Samoa.
The Central Bank of Samoa
The Central Bank of Samoa is the nation’s reserve bank and, as such, it acts as banker to the Government and the commercial banks.
Pursuant to its mandate under the Central Bank of Samoa Act 1984, the Financial Institutions Act 1996 and the Money Laundering Prevention Act 2000, the Central Bank has the following main functions:
The Central Bank undertakes the formulation and implementation of monetary policy and related measures, which include open market operations in Central Bank Securities to influence the level of interest rates and the availability of credit in the financial system.
It is also responsible for the management of the rate at which Samoa’s Tala is exchanged with currencies of other countries and, when necessary, administers exchange control measures with regard to monitoring foreign currency transactions.
The Bank in addition, is responsible for the custody and management of Samoa’s reserves of international currencies for the payments of goods and services.
The issue of currency notes and coins to meet the needs of the business community and the general public is a critical role for which the Central Bank is widely known. As fiscal agent of Government, the Central Bank undertakes, when required, the issue and administration of Treasury Bills and other Government securities. Moreover, it issues it own Central Bank Securities to the commercial banks and non-banks and maintains a registry service and rediscount facilities.
The Central Bank is responsible for the registration and prudential supervision of commercial banks. It also acts as banker for the commercial banks, provides a facility for the clearing and settlement of inter-bank payments, and is also custodian of the commercial banks’ statutory minimum cash reserves.
The Financial Institutions Act 1996 appoints the Central Bank as the authority that issues licenses to financial institutions and, shall undertake further scrutiny of any information suggesting money laundering taking place.
There are currently 5 banks registered in Samoa. All banks operating here must be registered with the Central Bank of Samoa and are required by law to disclose their financial condition each quarter. Financial Institutions Operating:
To see our available offshore bank account jurisdictions we can assist you with, view our Bank Account Opening page.