The Financial Institutions Commission (the Commission) is governed by a Governing Board of Commissioners that functions as a policymaking body to enforce and promulgate the rules and regulations by which the Commission operates. Governing Board members are appointed by the President of the Republic of Palau.
The Governing Board is also responsible for oversight of and to serve as the advisory body for the Financial Intelligence Unit (“FIU”) established by 17 PNC CHAPTER 33 (Money Laundering Act “MLA”). The Governing Board is charged with the responsibility of selecting the Director of the FIU and such responsibility shall not be transferred to any other body or Government branch.
The Executive Commissioner manages and oversees administrative tasks and operational matters, and is responsible for the implementation of Governing Board policies, in particular those that pertain to the monitoring and regulation of the Republic of Palau financial sector. The Executive Commissioner answers directly to the Governing Board.
The Bank Examiner conducts off-site and on-site bank examinations, which include but are not limited to quarterly and annual analyses of individual bank and sector-wide financial returns and financial sector statistics. The Bank Examiner answers directly to the Executive Commissioner.
The Administrative Officer is responsible for the maintenance of records, documentation, and fulfills all clerical and related functions. The Administrative Officer answers directly to the Executive Commissioner.