The Comoros International Banking Authority has also introduced a Banking License including trading in Digital Crypto currency. The conditions allow clients who have these Licenses to operate within the Digital Crypto global market.
This is a full-unrestricted Banking license, for all Banking services outside of the Union of Comoros. It encompasses banking and investment banking business and can be conducted in all major foreign currencies. Services such as fund administration, custodial services, trusteeship, international portfolio management, money market and other treasury operations may be undertaken by an offshore bank.
Forming a bank is a relatively quick process due to the lack of bureaucracy. Approval can be granted swiftly if the necessary requirements are met. There are no requirements for local offices or staff, although we would suggest that all companies do have this facility which can be arranged at a minimal cost. Application for permission for a banking license should be made to the CIBA after an IBC is obtained and after completing an Application Form from the Registrar of International Businesses. A Licenses can be applied for at the same time as an IBC.
On top of the KYC and due diligence requirement, the following documents are required:
Furthermore, all companies with banking licenses are required to submit their annual accounts to the Comoros International Banking Authority within 3 months of the year end.
SWIFT membership can be applied for as Licenses are authorized bt the Comoros Central Bank