| Agency overview | |
|---|---|
| Formed | 2013 |
| Jurisdiction | Government of Antigua and Barbuda |
| Headquarters | Royal Palm Place, Friars Hill Road, St. John’s, Antigua and Barbuda |
| Agency executive |
|
| Parent department | Ministry of Finance |
| Website | www.fsrc.gov.ag |
The Financial Services Regulatory Commission (FSRC) is the statutory authority tasked with the licensing, regulation, and supervision of the financial services sector in Antigua and Barbuda. It oversees a range of activities including international banking, insurance, trust and corporate service providers, gaming, pensions, and digital asset businesses. [1] [2]
The FSRC was established by the Financial Services Regulatory Commission Act, No. 5 of 2013. Under Section 3, the Commission is defined as a body corporate with perpetual succession and legal capacity.
The Act was amended by the Financial Services Regulatory Commission (Amendment) Act, No. 40 of 2017, which introduced enhancements to regulatory cooperation. Notably, Section 13B was inserted to authorize information sharing with overseas regulators. [3] [4]
The FSRC administers and enforces the following legislative instruments:
The FSRC shares responsibility for Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) oversight with the Antigua and Barbuda Office of National Drug and Money Laundering Control Policy (ONDCP). A Memorandum of Understanding signed in 2010 enables joint inspections and intelligence sharing. The Caribbean Financial Action Task Force (CFATF)’s 2017 Mutual Evaluation Report noted that the FSRC implements risk-based supervision, sector-specific risk assessments, and compliance enforcement. [7] [8]
Following enactment of the Digital Assets Business Act, No. 16 of 2020, the FSRC assumed oversight over cryptocurrency exchanges, wallet providers, and ICO issuers. The framework aligns with FATF Recommendations 15 and 16, and includes due diligence, reporting, and record-keeping requirements. [9]
The IMF Article IV Consultation Report (2023) recommended that the FSRC strengthen risk-based supervision and increase coverage of credit unions and cooperative institutions. The report also cited the FSRC’s critical role in maintaining financial stability and international compliance. [10] [11]
In 2009, U.S. authorities exposed a massive US$7 billion Ponzi scheme operated through Stanford International Bank, headquartered in Antigua. The Financial Services Regulatory Commission (FSRC), led by CEO Leroy King, was accused of actively helping Stanford obstruct regulatory oversight. Court documents later revealed that King had forwarded confidential SEC inquiries directly to Stanford and allowed Stanford’s lawyers to draft responses on official FSRC letterhead. King was indicted in the United States and extradited after a lengthy legal battle. In 2020, he pleaded guilty to obstruction and conspiracy charges and was sentenced to 10 years in prison. The scandal severely damaged Antigua’s international regulatory reputation and raised longstanding concerns about the FSRC’s independence and integrity. [12]
In 2024–2025, Global Bank of Commerce became embroiled in a legal and regulatory controversy after depositor Jack Stroll claimed the bank withheld over US$10 million despite court judgments in his favor. A 2025 court order mandated that GBC’s CEO Brian Stuart-Young repay at least US$341,130 or face jail time. The FSRC was accused of regulatory inertia as the bank delayed compliance and made partial payments in Eastern Caribbean dollars instead of U.S. dollars. Paul Ashe, Chief Regulatory Officer at the FSRC, was heavily criticized for his prolonged silence. Antigua.news published an editorial titled "The Muted FSRC" questioning Ashe’s leadership and suggesting the Commission had again failed depositors under stress. [13] [14] [15]
In 2022, a Venezuelan national sued BOI Bank, alleging that despite a High Court ruling granting access to US$2.5 million, the bank refused to release the funds. The case also named the FSRC and its officer Paul Ashe, who had allegedly failed to intervene or provide proper oversight. Antigua Observer reported that complaints about BOI Bank had been lodged as far back as 2019. Despite this, the FSRC continued to renew its license without apparent regulatory consequences. Ashe issued a statement only after the Commission was formally named in the lawsuit, sparking allegations of delayed and inadequate action. [16] [17]