July 2016 Newsletter – AML/CFT Guidelines for the Management of Risks Related to Money Services Businesses

In recent years tougher regulatory scrutiny over the implementation of AML/CFT laws has seriously impacted money services businesses (MSBs) globally, threatening their relationship with the conventional banking sector.

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Notice to the General Public

The Financial Services Regulatory Commission (FSRC) wishes to advise the General Public to proceed with caution when approached by any person or representative of a business entity who may be offering a financial service without a local licence.

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Online Casino and Online Gaming

The Financial Services Regulatory Commission (FSRC) wishes to advise the General Public, that online casinos and online gaming are not currently licensed or authorized to conduct business from or within the Federation of St. Kitts and Nevis.

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June 2016 Newsletter – Licensing & Ongoing Supervisory Framework for Insurance Companies

The AML/CFT measures in the financial sector are issued by the Financial Action Task Force (FATF). The International Association of Insurance Supervisors as with other international policy shapers for the respective various sectors support such recommendations.

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CFATF Public Statement on Haiti and Suriname

On the 8th day of June, 2016, the Caribbean Financial Action Task Force (CFATF) issued a Public Statement on Haiti, a jurisdiction with strategic AML/ CFT deficiencies. Haiti has not made sufficient progress in addressing the deficiencies or has not complied with the Action Plan developed with the CFATF to address these deficiencies. The CFATF therefore calls on its members to consider the risks arising from the deficiencies associated with Haiti.

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