American Samoa Office of Financial Institutions

Overview

Official Regulator of Financial Institutions and Money Services in the Territory of American Samoa

The Office of Financial Institutions (OFI) is the territorial regulator responsible for overseeing all financial institutions and money services businesses operating within American Samoa. Established in 2016 under the American Samoa Government (ASG) Department of Treasury, the OFI supervises commercial banks, holding companies, credit unions, trust companies, retirement funds, consumer money lenders, money brokers, mortgage loan originators, collection agencies, money transfer services, debt settlement service providers, and any ASG-owned financial and depository institutions including the Territorial Bank of American Samoa (TBAS).

American Samoa has one of the most distinctive financial regulatory environments in any US jurisdiction. Following the departure of Bank of Hawaii (2012) and ANZ Amerika Samoa Bank (2022), the territory has no FDIC-insured banks. The government-owned TBAS, opened in October 2016, serves as the primary banking institution — one of only two government-owned general-service banks in the United States (the other being the Bank of North Dakota). TBAS is not eligible for FDIC insurance due to its government ownership, but holds a Federal Reserve master account enabling ACH and wire transfer processing.

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Supervised Entities

The OFI has regulatory authority over the following entity types operating within American Samoa:

• Commercial banks and holding companies

• Credit unions

• Trust companies

• Retirement funds

• Consumer money lenders

• Money brokers

• Mortgage loan originators

• Collection agencies

• Money transfer services (money transmitters)

• Debt settlement service providers

• ASG-owned financial and depository institutions (including TBAS)

• Foreign currency exchangers

Examination Authority

The Commissioner of Financial Institutions maintains authority to:

• Conduct on-site and off-site examinations of licensed entities

• Inspect books, records, and accounts of licensed institutions

• Request additional information at the Commissioner's discretion

• Review compliance with regulatory requirements

• Assess operational and financial condition of regulated entities

Record-Keeping Requirements

Money services businesses must maintain:

• Quarterly reports including:

• Total funds transmitted outside the territory

• Number of individuals transmitting

• Total amount of foreign currency transacted

• Transaction records as prescribed by the Commissioner

• Anti-money laundering compliance documentation

• Customer due diligence records

Regulatory Powers

Administrative Actions

The Commissioner holds enforcement authority including power to:

• Issue, renew, suspend, and revoke licenses

• Require corrective action from regulated entities

• Place conditions on licenses

• Impose penalties for violations of financial services laws

• Coordinate with federal regulators on enforcement matters

Prohibited Conduct

Activities subject to enforcement action include:

• Operating as a money services business without valid registration

• False statements in license or registration applications

• Failure to maintain required security deposits

• Failure to file required quarterly reports

• Violation of anti-money laundering requirements

• Operating without a general business license from the Commerce Department

Regulatory Role and Function

Legal Foundation

Statutory Framework

Primary Legislation:

• American Samoa Code Annotated (ASCA), Title 28 — Finance & Financial Institutions

• Chapter 01: Development Bank of American Samoa

• Chapter 02: Territorial Bank of American Samoa (§ 28.0201 et seq.)

• Chapter 09: U.S. Loan Agreements

• Chapter 10: Banks

• Chapter 11: Savings and Loan Institutions

• Chapter 14: A.S.G. Credit Facility Agreements

• Chapter 15: Loans

• Chapter 16: Escheat of Unclaimed Bank Deposits

• Money Services Business Regulatory Act — Established MSB licensing requirements under OFI authority

References:

• ASCA Code Annotated by Title and Chapter

• ASCA 2024 Edition — Title 28

• TBAS Statute Chapter 2 (PDF)

Regulatory Authority Structure

The Commissioner of Financial Institutions operates within the ASG Department of Treasury and holds statutory authority to:

• License and regulate financial institutions and money services businesses

• Establish licensing standards, fees, and operational requirements

• Conduct examinations and inspections of licensed entities

• Issue, renew, suspend, and revoke licenses

• Enforce compliance with financial institution laws

• Prescribe record-keeping and reporting requirements

• Establish security deposit requirements

Current Leadership

Commissioner: Tuasivi John R. Marsh

• First appointed as Acting Commissioner in February 2021

• Confirmed by the Fono (legislature) for first term

• Confirmed for second term in July 2025 (Senate 14-3, House 12-5)

• Previously served in both government and private sector, including overseeing a local bank

First Commissioner: Robert Ho Chee (appointed April 2016 when OFI was established)

Licensing and Authorization Relevance

Money Services Business Registration

Any person, entity, or business that engages in money transmission or foreign currency exchange within American Samoa must register with the OFI under the Money Services Business Regulatory Act.

Definition of MSB: Includes each agent, agency, branch, or office within the territory of any person doing business (whether or not on a regular basis) as a money transmitter or foreign currency exchanger.

Application Process

Prerequisites:

1. Obtain a general business license from the ASG Commerce Department

2. Submit registration application to OFI

Application Requirements:

• Applicant name and business location

• If a business entity: names and addresses of directors, officers, and key shareholders

• Disclosure of material litigation and criminal convictions for the 7-year period before application

• Additional information as required at the Commissioner's discretion

Fee Schedule

Security Deposit

• $10,000 security deposit required for each license issued to MSBs offering money transmission services

• MSBs that do not offer money transmission services are exempt from the deposit requirement

Reporting Requirements

Registered MSBs must file quarterly reports including:

• Total funds transmitted outside the territory

• Number of individuals transmitting funds

• Total amount of foreign currency transacted

Cryptocurrency Regulation Status

Current Regulatory Position:

As of April 2026, American Samoa has not enacted territorial legislation specifically regulating cryptocurrency or digital assets. The regulatory landscape for virtual currency remains undeveloped at the territorial level.

Federal Framework Application:

Entities in American Samoa conducting virtual currency or digital asset activities remain subject to:

• FinCEN Requirements — Anti-money laundering and Know Your Customer (KYC) under the Bank Secrecy Act

• SEC and CFTC — Federal securities and commodities regulations

• OFI MSB Framework — May apply to crypto businesses operating as money transmitters, though no explicit territorial crypto regulatory framework exists

Payments and Money Movement Relevance

The American Samoa Office of Financial Institutions has the following relevance to payments and money movement in the territory:

Payment Systems Governed or Overseen

The OFI does not directly operate payment systems. Its payment-related role includes:

Note on Banking Infrastructure:

• TBAS is the sole general-service bank, holding a Federal Reserve master account

• No FDIC-insured banks operate in American Samoa

• The Development Bank of American Samoa (DBAS) provides affordable financial programs but is not a full-service commercial bank

• Remittances are significant — $3.3 million in the March–June 2020 period alone

Unique Jurisdictional Context

The Banking Desert

American Samoa experienced a banking crisis unlike any other US jurisdiction:

• 1969–2012: Bank of Hawaii operated in the territory

• 2012: Bank of Hawaii announced withdrawal, citing "geographic isolation"

• 2016: Territorial Bank of American Samoa (TBAS) chartered and opened on October 3, using former Bank of Hawaii branches

• 2022: ANZ Amerika Samoa Bank (the last private bank) closed all accounts by October 2022

• Result: American Samoa became the only US territory or state with zero FDIC-insured banks

Territorial Bank of American Samoa (TBAS)

• Government-owned bank — one of only two in the United States (alongside Bank of North Dakota)

• Not FDIC-insured — government-owned banks are ineligible; deposits backed by ASG government

• Holds a Federal Reserve master account for ACH and wire processing

• Website: https://www.mytbas.com

• Privatization discussions ongoing: Community Bank of American Samoa (CBAS) has proposed purchasing TBAS, which could enable FDIC insurance eligibility

SSBCI Program

In March 2024, the US Treasury approved American Samoa's SSBCI 2.0 program with up to $57 million in funding, administered through TBAS and the Department of Commerce.

Relationship to Other Regulators

Federal Regulators

The OFI coordinates with:

• Federal Reserve System — Co-supervising agency for TBAS; TBAS holds a Federal Reserve master account

• FinCEN (Financial Crimes Enforcement Network) — OFI has established access to the FinCEN Portal for BSA reports from local financial institutions

• FDIC — Issues guidance applicable to American Samoa (e.g., FIL-18019 regarding Tropical Storm Gita recovery), though no FDIC-insured institutions currently operate in the territory

• OCC (Office of the Comptroller of the Currency) — Federal banking laws apply; no nationally-chartered banks currently operate in American Samoa

• US Department of Interior, Office of Insular Affairs — Provides oversight and support to American Samoa as a US territory

Interstate Coordination

• CSBS Membership: American Samoa is a member of the Conference of State Bank Supervisors (CSBS), which operates the Nationwide Multistate Licensing System (NMLS)

• CSBS lists its membership as including "all 50 states, the District of Columbia, Guam, Puerto Rico, American Samoa, and the U.S. Virgin Islands"

• Requires verification from official sources: extent to which American Samoa actively uses NMLS for MSB licensing processing

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Contact Information

Mailing Address:

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Office of Financial Institutions

ASG Department of Treasury

Executive Office Building, Utulei

Pago Pago, American Samoa 96799 USA

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Phone Numbers:

• Department of Treasury Main: (684) 633-4155

• Banking Office: (684) 633-4116

• OFI Direct: (684) 633-3650

Office Hours:

• Monday – Friday: 8:00 AM – 5:00 PM (Samoa Standard Time, SST / UTC-11)

• Closed on ASG holidays

Online Resources

• ASG Government Portal: americansamoa.gov

• TBAS Website: mytbas.com

• ASG Department of Commerce (SSBCI): doc.as.gov/ssbci

• ASCA Code Annotated: asbar.org

• Secretary of American Samoa (ASCA 2024 Edition): osas.as

Commissioner Leadership

Commissioner of Financial Institutions:

• Name: Tuasivi John R. Marsh

• Title: Commissioner, Office of Financial Institutions

• Regulatory Authority: Authority over banking supervision, money services businesses, and financial institutions

• Confirmed: July 2025 (second term)

• Contact: Available through Department of Treasury main line at (684) 633-4155

Notes on Naming and Language