Article 29 and 31 of RDTL’s Law No.5/2011 Organic Law of Banco Central de Timor-Leste (BCTL) granted exclusive authority to the BCTL to regulate, license, supervise, and registration of financial institution in Timor-Leste.
Therefore, no person shall engage in the business of a bank, a currency exchange bureau, Money Transfer Operators, an insurance company and intermediary without an effective license issued by BCTL.
The process of license for banks, currency exchange bureau is guided by UNTAET Regulation No.8/2000, No. 5/2000 respectively, and UNTAET Notification on Fees/Charges, Insurance Companies and Intermediaries is guided by RDTL Law No. 6/2005, and Money Transfer Operator is guided by Public Instruction No.01/2013.
The details on the laws can be located on legislation page.
Written application must be submitted to BCTL accompanied by a non-refundable application processing fee through a designated spokesperson. Information required for a license application of each section of business such as structure of capital subscription, scope of operation, Charter and By Laws, background information of the shareholders/administrators and the business plan including financial projections and risk management. Licensing criteria for Bank, Insurance, CEB are available in this link.The BCTL only issues licenses to reputable applicants who can establish a strong business case for providing financial services in Timor-Leste.
Registration of Agent BankingThis page is intended for banks and other deposit taking institutions that wish to register for an agent banking activities.
In order to access the page you must have a valid username and password. Please contact the Division of Licensing and Regulation of Banco Central de Timor-Leste at firstname.lastname@example.org for further information.