MANY BANKING OPTIONS IN ANTIGUA
Seven commercial banks operate in Antigua & Barbuda. They offer traditional banking services comprising savings and checking accounts, fixed deposits, loans, draft issuance, telegraphic transfers, foreign exchange and letters of Credit.
Banks are regulated by the Eastern Caribbean Central Bank. The Ministry of Finance is responsible for the granting of licenses for these banks in consultation with ECCB. The ECCB conducts regular audits in conformity with the Banking Act of 1991 and the Money Laundrering Prevention Act 1996. Banks are expected to meet international standards.
Domestic banking in Antigua has evolved into a far more sophisticated financial industry over the past 10 years. To date, no bank failure has been witnessed in the domestic banking arena and this lends credence to the fact that our banks possess efficient management and are adequately supervised. |
