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About Us

Organizational Structure of the FIC

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 reports 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 reports directly to the Executive Commissioner.

The Administrative Officer is responsible for the maintenance of records, documentation, and fulfills all administrative and related functions. The Administrative Officer reports directly to the Executive Commissioner.

Our Mission

The mission of the Financial Institutions Commission (FIC) is to establish and maintain a financial regulatory and supervisory system for the Republic of
Palau, consistent with international standards, which promotes a stable banking and financial sector that facilitates economic growth and development within the Republic of Palau.

Our Vision

Protecting and ensuring the integrity of, and confidence in, the Financial Sector of the Republic of Palau.

Core Values

  • We conduct ourselves with integrity and maintain our independence to ensure our credibility is not at risk.
  • We are ethical, fair, and respectful in all that we do.
  • We communicate openly, honestly, and with good intent among ourselves and with those we serve.
  • We continue to establish and maintain effective relationships with all relevant stakeholders/partners and agencies.
  • We provide an environment for learning and growth so we are regarded as subject matter experts in financial sector issues and matters.
  • We are proactive in our approach to development within the financial sector and the impact on Palau’s economy.

Ms. V. Tikei Sbal
Executive Commissioner

Ms. Sbal joined the FIC in 2010 as an Administrative Officer, bringing with her a solid foundation in legal processes and procedural governance from her previous role as Executive Assistant to the Chief Justice at the Palau Supreme Court. Ms. Sbal has an educational background in Business Accounting.

Over the years, Ms. Sbal has held a series of progressively senior roles at the FIC. She was promoted to Office Manager, later designated as Filing Officer for Secured Transactions, and subsequently appointed as Registrar of Corporations in January 2025. In recognition of her leadership, institutional knowledge, and dedication to regulatory excellence, she was appointed Executive Commissioner in May 2025.

Ms. Josepha Puth
Administrative Officer

Ms. Josepha Puth is an Administrative Officer at the Financial Institutions Commission (FIC), having joined the Commission in August 2025. She provides comprehensive administrative support to ensure the smooth day-to-day operations of the FIC, including records management, office coordination, and logistical support for meetings and events. Josepha serves as the primary administrative point of contact for the Commission, supports governance through accurate meeting documentation, and assists with regulatory reporting and correspondence.

Mr. Kedul Nathan Andreas
Bank Examiner

Mr. Kedul Nathan Andreas joined the FIC in September 2023 as the Corporate Registry Specialist, where he assisted the Registrar of Corporations with the implementation and daily administration of the Corporate Registry. In this role, he also supported the Executive Commissioner and examination staff with the filing, processing, and analysis of prudential data from financial institutions.

In August 2025, Mr. Andreas transitioned to his current role as a Bank Examiner. In this capacity, he is responsible for reviewing prudential returns, conducting on-site examinations, assessing financial performance, and ensuring regulatory compliance of financial institutions. He continues to assist with Corporate Registry tasks as part of his ongoing support for the agency’s operations. Mr. Andreas graduated cum laude from Saint Martin’s University in May 2023 with a Bachelor of Arts in Business Administration.

Ms. Dilerong C. Ikesiil
Bank Examiner

Ms. Ikesiil joined the Financial Institutions Commission as a Junior Bank Examiner in 2025. She assists in the supervision and examination of the financial institutions to ensure compliance with regulatory standards and soundness of Palau’s banking sector. Ms. Ikesiil holds a Bachelor of Science in Business Leadership, Organization and Management and is dedicated to promoting financial integrity and supporting the growth of Palau’s economy.

Mr. Keen Rechesengel Sakuma
Corporate Registry Specialist

Mr. Sakuma joined the FIC in November 2025 as a Corporate Registry Specialist, bringing with him experience with customer service from his previous role as a team lead in the Hawaii Hilo Home Depot for the past four years from 2021 to 2025. Mr. Sakuma has an educational background in Environmental Studies from Drexel University and is a Bill Gates Scholar from Xavier High School Chuuk, Micronesia.

Under the Financial Institutions Act, there are six (6) voting members on the FIC Governing Board of Commissioners appointed by the President of the Republic of Palau with the consent of the Senate.

The current Governing Board members are:

Mr. Okada Techitong
Member

Mr. Techitong was appointed to the Board in 2009, became the Chairman of the Board in 2011, and served on the Board until 2015. Mr. Techitong decided to end his membership to focus on other matters. On December 17, 2019 he was reappointed to the Board. Mr. Techitong was Delegate for the Ngatpang State from 2001 to January 2009 and has twice served as the Minister of Commerce and Trade: from 1990-1992 and again from 1997-2000. He was Executive Officer of the Ngatpang State Government between 1993 and 1997 and for ten yeas he was the Manager for the WCTC Main Store.

 

 

Ms. Hermana Idip
Member

Ms. Hermana Idip was appointed to the Board on March 9, 2021. Ms. Idip holds a BA in Liberal Studies (Criminology). Ms. Idip worked at the Republic of Palau Ministry of Finance for twelve years, serving in several positions throughout her tenure as Budget Analyst, Senior Accountant, and System Accountant. Currently, Ms. Idip is the Treasurer/Systems Analyst/Inventory Manager of Surangel and Sons Company, and has been with the company for twelve years.

Ms. Uroi Salii
Member

Ms. Salii was initially appointed to the Board on October 28, 2011 and served on the Board until November 03, 2018. Ms. Salii holds an MBA from National Taiwan University and a Bachelor of Science degree in Business Administration from the University of Denver. She was reappointed in July 2025

Mr. Kevin Mesebeluu
10/30/2018 – 11/15/2024

Mr. Kevin Mesebeluu was appointed to the Board on October 10, 2018. He served as the Director of the Bureau of Tourism, Ministry of Natural Resources, Environment, and Tourism from 2018 to 2020, Program Manager for Ngardok Nature Reserve from 2013 to 2017 and  Commercial Loan Analyst for the National Development Bank of Palau from March 2013 to 2014.

Mr. Mesebeluu currently works with local communities to plan and implement Managed Access Areas plus Reserves for sustainable coastal fisheries under the Rare’s Fishing for Climate Resilience program funded by the German Federal Environment Ministry’s International Climate Initiative (IKI). In 2022, he collaborated with Palau’s Bureau of Fisheries under the Ministry of Agriculture, Fisheries and the Environment to design and build Palau’s first National Fisher Registration System. With the completion and turn over of the registry system to the government, Mr. Mesebeluu is now utilizing behavior change principles to have community adoption of the registry across all sixteen states of Palau.

In 2020, Mr. Mesebeluu cofounded the Alliance of Climate Resilient Island Societies, with a vision to create networks of conservation professionals that innovate under the umbrella of sustainable resource management and restorative tourism.

He has extensive knowledge in conservation and fisheries and is very active in enabling changes in the community geared toward sustainable practices. Mr. Mesebeluu holds a Bachelor of Science degree in International Business and Management.

Mr. Vance Polycarp
1/22/2019 – 

Mr. Vance Polycarp was appointed to the Board on January 22, 2019. Mr. Polycarp is a prominent businessman who is a proprietor of Galaxy Group, Inc. and its subsidiaries involved in construction, professional engineering consultation and services, import/export of goods and services to name a few. He is also a certified and licensed insurance agent. He has served as Palau Community College Business Instructor since 2006 teaching economics, finance, accounting, math/statistics, business management, and marketing. Mr. Polycarp holds Bachelor of Business Administration Degree in Finance/Economics

Ms. Claire Harvey
Ex-Officio Member

Ms. Claire Harvey became Ex-officio member of the Board in March 2016 by virtue of position as President/CEO of National Development Bank of Palau, pursuant to the Financial Institutions Act. Ms. Harvey has extensive work experience, well over 30 years, in the banking industry and has been active in consulting to small, medium and large businesses; providing assistance in a wide range of areas including leadership, management, financial acumen, strategic planning, executive and CEO coaching, and others.

Ms. Jennifer K. Gibbons
10/17/2013 – 03/02/2023

Jennifer Gibbons was appointed to the Board on October 17, 2013. She is Sole Proprietor of JK & Associates, a marketing consultancy.  Gibbons is co-founder of the Palau Legacy Project and the internationally acclaimed and award-winning Palau Pledge.  Ms. Gibbons was a Pew Charitable Trusts consultant and adviser who directed the Pew Bertarelli Ocean Legacy Project in Palau resulting in the Palau National Marine Sanctuary Campaign which was signed into law in 2015. She served as an executive director of the Palau Chamber of Commerce from 2011 to 2016 and has more than two decades of strategic marketing and project management experience in New York, Guam and Palau.

She has served as a Board Director of the Friends of the Palau National Marine Sanctuary since 2016 and has served on numerous other boards, including Palau Community Action Agency, Belau Tourism Association, Vice Chairman of the Palau Public Utilities Corporation, President of the Palau Chamber of Commerce, Palau Sport Fishing Association, and Financial Women’s Association among others. Previous to living in Palau Gibbons worked for TD Bank Financial Group in New York. Ms. Gibbons has a bachelor’s degree in economics and political science from Santa Clara University in California.

Ms. Landisang Kotaro
10/30/2018 – 10/20/2022

Ms. Landisang Kotaro was appointed to the Board on October 30, 2018. Ms. Kotaro has served as Senior Legal Researcher and Committee Advisor for the House of Delegates since October 2013, for the 9th and 10th Palau National Congress, and she also served as Committee Assistant to the Senate Ways, Means & Financial Matters Committee in the 8th Palau National Congress. She served as Adviser/Fellow on Oceans and Seas to the Palau Mission to the United Nations in New York from January to December 2016. She has been involved in numerous volunteer work, including Utah Food Bank (2005-2009), Barack Obama Colorado & Utah Presidential Campaign (2008), Seattle, WA Food Lifeline (2008), ROOTS Youth Homeless Overnight Shelter (2008), Palau National Youth Council (2010 to present), Ngchesar Youth Organization (2010 – present), and Read to lead Project (2015) among others. Ms. Kotaro is co-founder of Pacific Islander Student Outreach (2008-2009) and a Generation 2 Fellow of the Pacific Islands Leadership Program at East-West Center, Hawaii (2014). She holds a Bachelor of Science degree in International Studies with focus on Global Studies – Terrorism and Security and a Master of Arts degree in Asia-Pacific Studies with focus on China Studies.

Mr. Tutii Chilton
10/14/2009 – 10/18/2019

Mr. Chilton was appointed to the board in December 2009.  Mr. Chilton has an extensive academic and professional background in political and social science. Mr. Chilton’s membership ended on October 18, 2019.

Mr. Melwert Kikuo
10/21/2014 – 10/21/2017

Mr. Kenneth T. Uyehara
08/2005 – 08/19/2014

Mr. Uyehara was appointed to the board on August 2005.  He holds a Masters of Business Administration from University of Guam, Mangilao, Guam, a Bachelor of Arts (triple major) in Biology, General Science, and Business Administration from Coe College, Cedar Rapids, Iowa.  He has had other educations in Hawaii, and Guam Community College. He worked as a Branch Manager for The Associates Financial Services, responsible for overall operations of the branch office.  Managed Hawaii’s largest branch, and opened branches in Lihue, Kauai and Kapalama, Honolulu. Loan Officer of First Federal Savings and Loan; duties include origination and underwriting of residential loans. He also worked as a Construction Loan Officer for Bancorp Finance of Hawaii-Guam, Inc.; duties include origination, underwriting, and monitoring progress of single family construction loans. From 1989 to 1992, he worked as the Vice President of American Realty, Inc, and was assigned additional duties as the Acting General Manager of the Hotels in MaiAna, The Sun Route Hotel and The Guam Horizon Hotel and two restaurants.

Ms. Sandra D. Mincer
08/12/2012 – 10/2014

Sandra D. Mincer was appointed President/CEO of the National Development Bank of Palau on August 13, 2012. She is the first Palauan woman to hold the position of President/CEO. She graduated class Valedictorian from Palau Mission Academy in 1980 and holds a double degree, Bachelor of Arts for Business & Economics with a specialization in Business Administration. She is a Certified Anti-Money Laundering Specialist, Certified Examination Manager and Certified Public Manager, a three year program. Ms. Mincer has over 27 years experience in the financial industry at both the private sector and the public sector as a financial institutions regulator/examiner, supervision and Acting Deputy Commissioner.

Mr. Kaleb Udui, Jr.
08/2008 – 11/2011

Mr. Udui was appointed to the board on February 2002, he has years of experience in the Finance section of the Ministry of Administration and was the former President of the National Development Bank of Palau. He has further banking experience as having been previously a Business Banking Officer at Bank of Hawaii.  Mr. Udui holds a B.A. degree in Finance from University of Guam and a Masters of Business Administration (MBA) from the University of Hawaii.

Mr. Gregorio Ngirmang
03/09/2004 – 3/25/2011

Mr. Ngirmang was appointed to the board on March 9, 2004.  Mr. Ngirmang holds a  BS in Business Administration, concentration in operations management, from California State University at Long Beach.  He had one year MBA Program studies in Pepperdine University. Mr. Ngirmang’s Board membership ended on March 25, 2011.

Mr. Daiziro Nakamura
07/2003 – 2006

Mr. Nakamura is a retired civil servant and was appointed to the Board on July 2003.  Mr. Nakamura holds a B.A. degree in Political Science from University of Hawaii, Honolulu, Hawaii. Upon his appointment as Ambassador to Japan, his board membership ended in 2006.

Mr. Mason N. Whipps
09/29/2005 – 09/29/2008

Mr. Whipps was appointed to the board on October 2002.  Mr. Whipps holds a Bachelor of Business Administration Concentration in Economics from Walla Walla College in Washington State.  His board membership ended in September 2008.

Mr. Robert Ramarui
02/14/2009 – 02/14/2010

Mr. Ramarui was appointed to the board on February 14, 2009.  His term ended on February 14, 2010.

Mr. Moses Bells
07/2003 – 01/16/2005

Mr. Bells was appointed to the board on July 2003.  Mr. Bells holds a B.A. degree from University of Guam and a Masters degree of Public Administration (MPA) from University of Guam.  Mr. Bells’ board membership ended on January 16, 2005.

Mr. Mark Rudimch
02/14/2008 – 01/15/2009

Mr. Rudimch  was appointed to the board on February 14, 2008. Mr. Rudimch is a business entrepreneur. Upon his election to the Senate, his board membership ended on January 15, 2009.

Mr. Ralph Moses
03/09/2004 – 03/09/2006

Mr. Moses was appointed to the board on March 9, 2004.  Mr. Moses holds a Bachelor of Arts Degree in Political Science from Guam University and a Master of Applied Finance from the University of New Castle in Australia.  His board membership ended on March 9, 2006.

Mr. LeoBen Teriong
03/22/2006 – 03/22/2008

Mr. Teriong was appointed to the board on March 22, 2006. He holds a Master of Business Administration degree from Armstrong University in Berkley, California. Mr. Teriong’s  board membership ended on March 22, 2008.

Ms. Jacqueline Alexander, CPA
09/08/2006 – 01/16/2008

Ms. Alexander was appointed to the board on September 8, 2006. Ms. Alexander is a Certified Public Accountant. Ms. Alexander’s board membership ended on January 16, 2008.

Ms. Mary Frances R. Vogt

Ms. Carol Ngiraidis

Mr. Tukana Bovoro