CBSI SAYS IT WON’T TOLERATE MISLEADING PUBLICATION

The Central Bank of Solomon Islands (CBSI) says it will not tolerate the publication and spreading of misleading information that undermines public confidence in our financial system and that of customers of banks in the country.

Responding to an article published by Solomon Star questioning the credibility of Pan Oceanic Bank Limited (POB) Tuesday last week, CBSI says while it respects the public’s right to express their views through media, it will not tolerate any misleading publications.

A CBSI statement today says POB is a licensed commercial bank and CBSI has imposed upon it the same scrutiny on risk management practices and prudential guidelines to ensure safety of depositors’ funds like any other commercial bank in the country.

It says in this regard, POB is accorded the same treatment in ensuring that they have complied with and will continue to comply with KYC and other prudential requirements.

The statement adds, since POB is a locally incorporated bank, it does not require to have a head office outside Solomon Islands.

Meanwhile, it says claims of POB not having affiliations to established financial institutions overseas is misleading and inaccurate.

Rather, it says POB has established banking relationships and corresponding banking arrangements with overseas banks – a requirement for any licensed bank.

The Central Bank confirms that only during the period of its interim license was POB restricted to doing business with the public including accepting deposits.

But says now that POB has been granted a full banking license, it is entitled to take public deposits and provide all other banking services to the public.