Bank & Trust FAQs
There are two types of banking licences issued under the Banking Ordinance: (1) a national banking licence and (2) an oversea banking licence. However, both a national banking licence and an oversea banking licence can be issued to the same entity.
There are two types of trustee licences issued under the Trust Ordinance: (1) a restricted licence and (2) an unrestricted licence.
There are four main activities involved in supervising banks and trust companies:
- The development of regulatory requirements such as laws and prudential guidelines;
- On-site examinations;
- Off-site surveillance such as financial analysis and
- Consolidated supervision particularly liaising with other regulators that supervise financial groups that operate in the Turks and Caicos Islands.
The FSC has issued guidance on complaints against licence holders. The guidance note can be found in the Complaint against Licence Holders section of the website.
The commission website lists all regulated banks and trust companies. On the FSC's website, select the "Banking" tab and click on "licenced banks" or click here to go directly to the page. And on the "Trusts" tab, click on "Trust Companies" or click here to go directly to the relevant page. If the bank and or trust company you are looking for does not appear on the lists but is advertising itself as being licenced in the TCI, please let us know as it might represent some form of fraudulent activity.