Financial Services Regulatory Commission (FSRC) — Antigua and Barbuda

Overview

The Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda is the principal regulator responsible for the oversight and supervision of the non-bank financial services sector in Antigua and Barbuda. Established in 2002 and operating under the standalone Financial Services Regulatory Commission Act, No. 5 of 2013, the FSRC regulates international banks, trust corporations, insurance companies, money services businesses, credit unions, and interactive gaming entities.

As a member of the Eastern Caribbean Currency Union (ECCU), Antigua and Barbuda utilizes the Eastern Caribbean Dollar (EC$), which has been pegged to the US dollar at EC$2.70 = US$1.00 since 7 July 1976. The Eastern Caribbean Central Bank (ECCB), the supranational central bank for the region, holds authority over monetary policy and banking supervision in concert with national regulators like the FSRC. The FSRC operates independently within its mandate but coordinates with the ECCB on prudential standards and systemic banking supervision.

The FSRC is committed to effective regulation and supervision of Antigua and Barbuda's financial services sector by upholding internationally recognized standards of compliance and positioning the jurisdiction as a preeminent financial centre. The Commission is headquartered at Royal Palm Place, Friars Hill Road, St. John's, Antigua.

Basic Identity

Primary Office:

Financial Services Regulatory Commission (FSRC)

Royal Palm Place

Friars Hill Road

St. John's, Antigua and Barbuda

Telephone: +1-268-481-3300 / +1-268-481-3301

Email: [email protected]

Website: https://www.fsrc.gov.ag/

Organizational Structure:

The FSRC is governed by a Board of Commissioners and headed by an Executive Director responsible for day-to-day operations. Departmental divisions include licensing, supervision, compliance, enforcement, and anti-money laundering operations.

Sources:

• Financial Services Regulatory Commission — Official Website
• FSRC Act, No. 5 of 2013 and Amendment Act, No. 40 of 2017
• Eastern Caribbean Central Bank — About the ECCB
• ECCB Legal and Regulatory Framework
• Caribbean Financial Action Task Force (CFATF)
• Office of National Drug and Money Laundering Control Policy — Partners
• FATF AML/CFT Framework for ECCU

Document prepared: 2026-04-06 | Regulatory Intelligence Registry

Classification

Inclusion Justification

What This Entity Oversees

The FSRC supervises a diverse portfolio of non-bank financial service providers:

International Banks & Trust Corporations:

• International banks licensed to operate in Antigua and Barbuda providing cross-border banking, wealth management, and trust administration services.
• International trust corporations managing estate planning, asset protection, and philanthropic structures for high-net-worth clients globally.

Insurance:

• Both onshore and offshore insurance companies offering life insurance, health insurance, property and casualty (P&C) insurance, and specialized lines.
• Insurance brokers and agents licensed to place policies on behalf of clients.
• At least 26 licensed insurers operate within the jurisdiction's regulatory ambit.

Money Services Businesses (MSBs):

• Money transmitters, remittance providers, currency exchange operators, and money transfer agents.
• Entities engaged in the purchase and sale of money services or foreign currency conversion.
• Cheque cashing and payment collection services.

Credit Unions:

• Cooperative financial institutions providing savings, lending, and member services.
• Subject to capital adequacy and prudential requirements.

Gaming & Interactive Wagering:

• Interactive gaming and interactive wagering corporations licensed for online gaming operations.
• The Directorate of Offshore Gaming (under FSRC) oversees gaming-specific compliance and licensing.

While Antigua and Barbuda maintains separate securities regulation through the Securities and Exchange Authority (SEA), the FSRC may oversee related investment entities. The jurisdiction's international financial services legislation includes frameworks for:

• Investment funds and mutual funds operating offshore.
• Pension fund administration for employees and high-net-worth individuals.
• Asset management services through international companies.

The FSRC coordinates with the SEA to prevent regulatory overlap and ensure comprehensive coverage of the financial services sector.

AML/CFT Framework:

Antigua and Barbuda has implemented a comprehensive AML/CFT regime aligned with FATF standards and CFATF directives. The Money Laundering (Prevention) Act, 1996 remains the foundational statute, supplemented by more recent guidance and amendments.

Regulatory Responsibility:

• Financial Compliance Unit (FCU) — Established to ensure all financial institutions comply with AML/CFT laws, regulations, guidelines, and directives through onsite and offsite examinations.
• Office of National Drug and Money Laundering Control Policy (ONDCP) — Inter-agency coordination body ensuring holistic AML/CFT implementation across sectors.
• ECCB Coordination — The ECCB has designated itself as the AML/CFT supervisor for ECCU member states' banking licensees, applying a Risk-Based Supervision Framework implemented in December 2021.

Key Requirements:

• All banks and financial institutions must comply with international AML standards.
• Know-Your-Customer (KYC) procedures and Enhanced Due Diligence (EDD) for politically exposed persons (PEPs) and high-risk clients.
• Suspicious Activity Reporting (SAR) to the Financial Compliance Unit and law enforcement.
• Currency Transaction Reporting (CTR) for large cash transactions above prescribed thresholds.
• Record-keeping and documentation for minimum 5-year retention periods.

CFATF Mutual Evaluation:

Antigua and Barbuda has been subject to FATF/CFATF mutual evaluation assessments. The jurisdiction has committed to addressing any deficiencies identified and maintains regular reporting to the CFATF on AML/CFT compliance measures.

Regulatory Powers

The FSRC is vested with broad enforcement authority under the Financial Services Regulatory Commission Act:

Supervisory Powers:

• Licensing and authorization of financial institutions and service providers.
• Inspection and examination of regulated entities on a regular or ad-hoc basis.
• Issuance of supervisory directives and guidance to ensure compliance with regulatory requirements.
• Monitoring of capital adequacy, liquidity, and prudential ratios in line with ECCB standards.

Enforcement Actions:

• Administrative Sanctions: Fines, restitution orders, and orders to cease unlawful activities.
• Suspension or Revocation of licenses for serious breaches or continued non-compliance.
• Criminal Referrals: Cases involving money laundering, fraud, or other serious offenses are referred to law enforcement and the Attorney General's Office for prosecution.
• Liquidation of insolvent institutions in coordination with the ECCB and relevant authorities.

Recent Actions:

As of late 2025, enforcement actions against failing or non-compliant institutions have been pursued, including the placement of institutions under administration to protect depositor interests and market stability.

Regulatory Role and Function

Legal Foundation

Primary Legislation:

The Financial Services Regulatory Commission Act, No. 5 of 2013, provides the statutory framework for the FSRC's establishment, governance, and powers. This Act grants the Commission authority to regulate and supervise all international financial institutions and related entities.

• Financial Services Regulatory Commission Act, No. 5 of 2013 — Establishes the FSRC as the regulatory authority for non-bank financial services and defines its scope, responsibilities, and enforcement powers.
• Financial Services Regulatory Commission Amendment Act, No. 40 of 2017 — Updates and strengthens regulatory provisions.

Secondary Legislation and Regulatory Framework:

• International Business Corporations Act — Establishes the legal framework for offshore banking and related business services.
• Insurance Act — Governs insurance regulation under FSRC oversight.
• Money Laundering (Prevention) Act, 1996 — Implements anti-money laundering (AML) obligations; administered with oversight from the Financial Compliance Unit and the Office of National Drug and Money Laundering Control Policy (ONDCP).

International Compliance Standards:

• Common Reporting Standard (CRS) — Automatic tax information exchange with OECD members.
• Foreign Account Tax Compliance Act (FATCA) — Reporting requirements for US persons and entities.
• FATF AML/CFT Mutual Evaluation Standards — Antigua and Barbuda is subject to FATF assessment through the Caribbean Financial Action Task Force (CFATF).

Licensing and Authorization Relevance

The Financial Services Regulatory Commission (FSRC) — Antigua and Barbuda issues licenses across multiple financial sectors in Antigua and Barbuda:

The licensing framework requires applicants to meet capital requirements, demonstrate fitness and propriety of management, and establish adequate compliance and risk management systems.

Payments and Money Movement Relevance

The Financial Services Regulatory Commission (FSRC) — Antigua and Barbuda has the following relevance to payments and money movement in Antigua and Barbuda:

Payment Systems Governed or Overseen

The Financial Services Regulatory Commission (FSRC) — Antigua and Barbuda has oversight responsibilities across multiple financial sectors in Antigua and Barbuda, including payment services:

The entity regulates payment service providers, e-money issuers, and related financial intermediaries within its integrated supervisory mandate.

Relationship to Other Regulators

FATF/CFATF Membership:

Antigua and Barbuda participates in the Caribbean Financial Action Task Force (CFATF), a FATF-style regional body. The FSRC engages with CFATF on mutual evaluation reports, follow-up assessments, and technical assistance initiatives.

Bilateral Cooperation:

The FSRC coordinates with regulatory counterparts in other ECCB member states (Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, and Montserrat) on:

• Cross-border supervisory coordination.
• Information sharing on regulated entities and beneficial owners.
• Enforcement coordination for entities with multi-jurisdictional operations.

International Standards:

Antigua and Barbuda adheres to:

• Basel III prudential standards for capital adequacy (via ECCB coordination).
• IOSCO standards for securities regulation.
• IAIS standards for insurance supervision.
• FATF 40 Recommendations and 9 Special Recommendations on terrorist financing.

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Notes on Naming and Language