Third Quarter Newsletter – Enterprise-wide Risk Assessment
An organisation is only as good as its weakest link or most ineffective processes. Risk avoidance is not risk management. Risk is a choice, it can be managed with foresight or damaged with hindsight. An Enterprise-wide Risk Assessment (EWRA) is a structured and disciplined approach that aligns governance,…
Read MoreSecond Quarter 2021 Newsletter – AML/CFT Onsite Examinations (Areas of Improvement) Part II
In this edition, The FSRC-Nevis Branch will provide another update on the Areas of Improvement from the examinations conducted during the period January 2019 to December 2020. During that period, examinations that required face-to-face meetings were suspended due to COVID-19 restrictions. Alternatively,…
Read MoreFirst Quarter 2021 Newsletter – Legislative Updates (Part II)
Amendments to the Financial Services (Implementation of Industry Standards) Regulations; Amendments to the Anti-Money Laundering Regulations & AntiTerrorism (Prevention of Terrorist Financing) Regulations
Read MoreFourth Quarter 2020 Newsletter – An Introduction to the Corporate Registry Integrated Search System (CRISS)
The Nevis Island Administration and the FSRC – Nevis Branch also referred to as the Nevis Financial Services (Regulation and Supervision) Department) (“NFSD”) have taken the initiative to improve the quality and effectiveness of the Companies’ Registry.
Read MoreThird Quarter 2020 Newsletter – Tax Evasion and Tax Fraud – Red Flags
Tax evasion and tax fraud are growing concerns for financial markets all over the world. In 2012, the FATF revised its recommendations to include Tax Crimes (related to direct taxes and indirect taxes) in the list of predicate offences to money laundering.
Read MoreSecond Quarter 2020 Newsletter – AML/CFT On-Site Examinations (Areas of Improvement)
The FSRC-Nevis Branch has been conducting on-site examinations to assess the extent to which regulated entities are operating in accordance with their obligations under the
relevant AML/CFT legislation e.g. the AntiMoney Laundering Regulations, 2011 (“AMLR”), the Anti-Terrorism (Prevention of Terrorism…
March 2020 Newsletter – Coronavirus(Covid-19) and its impact on AML/CFT programmes
The coronavirus (COVID-19) pandemic has provided a fertile ground for criminal activities and has led to a rise in COVID-19 related crimes, including fraud, cybercrime, and the misdirection or exploitation of funds.
Read MoreFebruary 2020 Newsletter – Information on the CFATF Mutual Evaluation & The National Risk Assessment
The Caribbean Financial Action Task Force (CFATF) conducts mutual
evaluations of its members on an ongoing basis. As part of the mutual
evaluation process, a team of experts from other members will conduct an
onsite visit to St. Kitts and Nevis from March 23 – April 03, 2020.
January 2020 Newsletter – Legislative Updates
During the past year and a half, a number of amendments were made to legislation governing
regulated entities.
December 2019 Newsletter – The Year In Review
Staffing changes, compliance matters, training, seminars, meetings, statistics
Read MoreNovember 2019 Newsletter – Targeted Financial Sanctions Related To Terrorism and Terrorist Financing – FATF Recommendation 6
Any person who has possession, custody or control of property that belongs to a terrorist or a designated terrorist group owned or controlled by a terrorist; or has information about a transaction or proposed transaction in respect of the property, shall immediately inform the Chief of Police, FIU or…
Read MoreOctober 2019 Newsletter – Targeted Financial Sanctions Related To Terrorism and Terrorist Financing – FATF Recommendation 6
Recommendation 6 requires each country to implement the targeted financial sanctions regimes to comply with the United Nations Security Council Resolutions (UNSCRs or resolutions) relating to the prevention and suppression of terrorism and terrorist financing.
Read MoreSeptember 2019 Newsletter – Financial Information Month October 2019
Financial Information Month (FIM) is celebrated in October and is a regional financial, economic, business and entrepreneurial education campaign executed in the Eastern Caribbean Currency Union (ECCU) since 2002, through the collaborative efforts of the Eastern Caribbean Central Bank (ECCB), ECCU member…
Read MoreAugust 2019 Newsletter – The Mutual Evaluation
A mutual evaluation is an assessment of a country’s level of implementation of the Financial Action Task Force (FATF) 40 Recommendations. This is a peer review, where members from different countries assess another country.
Read MoreJuly 2019 Newsletter- Identifying Suspicious Transactions/Activities
In Issue # 79, we learnt that suspicious transactions are activities for which there are reasonable grounds to suspect that they are related to a criminal activity or the commission of a money laundering (ML) or terrorist financing (TF) offence.
Read MoreJune 2019 Newsletter- Keys in Preparing an Effective Suspicious Transaction Report (STR)
What is a Suspicious Transaction/Activity?
Suspicious transactions/activities are transactions/activities for which there are reasonable grounds to suspect that they are related to criminal activity or the commission of a money laundering (ML) or terrorist financing (TF) offence.
May 2019 Newsletter- Non-Profit Organizations
The Financial Action Task Force (FATF) has adopted a functional definition to non-profit organizations (NPOs) given the variety of legal forms that NPOs can have, depending on the country.
Read MoreApril 2019 Newsletter-BEPS and its Impact on the Financial Services Industry
According to the Organisation for Economic Cooperation and Development (OECD), Base erosion and profit shifting (BEPS) is referred to as “tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic…
Read MoreMarch 2019 Newsletter – Recap of 2019 AML/CFT Conference
The Financial Services Regulatory Commission (‘FSRC’), Nevis Branch held its 14th Annual AML/CFT Conference on Monday, March 11 and Tuesday, March 12, 2019 at the Four Seasons Resort Nevis. The Conference was held under the theme, “Conquering the Compliance Divide: Effective vs. Defective – Bridging…
Read MoreFebruary 2019 Newsletter – Annual AML/CFT Conference
The Nevis Financial Services (Regulation and Supervision) Department will host its 14th Annual AML/CFT Conference on Monday, March 11 and Tuesday, March 12, 2019 at the Four Seasons Resort Nevis. This year the Conference will be held under the theme, “Conquering the Compliance Divide: Effective vs….
Read MoreJanuary 2019 Newsletter – Regulation of Virtual Assets
Amendment to FATF Recommendations to address the Regulation of Virtual Assets.
Read MoreDecember 2018 Newsletter – The Year In Review
Staffing changes, compliance matters, training, seminars, meetings, statistics
Read MoreNovember 2018 Newsletter – Trade-Based money laundering
Financial Action Task Force (FATF) defines Trade-Based Money Laundering (TBML) as “the process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illicit origin.” Due to the increasing trend towards globalisation, international…
Read MoreOctober 2018 Newsletter – Financial Information Month
Financial Information Month (FIM) is a regional financial, economic, business and entrepreneurial education campaign executed in the Eastern Caribbean Currency Union (ECCU) since 2002, through the collaborative efforts of the Eastern Caribbean Central Bank (ECCB), ECCU member governments, financial…
Read MoreSeptember 2018 Newsletter – Anti-Bribery and Corruption (ABC)
Bribery and Corruption have long been perceived as major obstacles to socio-economic and international economic relations. The scale of the problem of bribery and corruption is significant at both the corporate and governmental level.
Read MoreAugust 2018 Newsletter – Correspondent Banking
Correspondent banking is the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”). Large international banks typically act as correspondents for thousands of other banks around the world.
Read MoreJuly 2018 Newsletter – National Risk Assessment
A National Risk Assessment (NRA) is a comprehensive assessment of money laundering and terrorist financing risks (ML/TF) in a country. An NRA report highlights good governance practices in establishing NRAs and how the results are used to inform public policy and makes concrete recommendations where…
Read MoreJune 2018 Newsletter – Common Reporting Standard
The Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) as the global standard for the automatic exchange of financial information for tax purposes.
Read MoreMay 2018 Newsletter – FATF Guidance on Virtual Currencies
In recent times, virtual currencies such as Bitcoin, have developed into a payment method with ever growing global acceptance. They offer an innovative, cheap and flexible method of payment.
Read MoreApril 2018 Newsletter – Ongoing Monitoring
Ongoing Monitoring is a vital part of the AML/CFT Compliance Program, and is one of the areas that is assessed during an onsite examination. Examiners seek to ensure that regulated entities have adequate procedures in place for effective ongoing monitoring at periodic intervals. This Month’s Newsletter…
Read MoreMarch 2018 Newsletter – 2018 AML/CFT Awareness Seminar & Training Workshop
The Nevis Financial Services (Regulation and Supervision) Department will be hosting its 13th annual Anti-Money Laundering/Countering Financing of terrorism (AML/CFT) Awareness Seminar and Training Workshop on Monday, May 14 and
Tuesday, May 15, 2018 at the Four Seasons Resort Nevis. This year the…
February 2018 Newsletter – Know Your Employee
The headlines today are filled with many instances of how employees have caused reputational and financial damage to businesses because of bad publicity. How can this be prevented? The reality is, that although total prevention is impossible, regulated entities can minimize their risks by implementing…
Read MoreJanuary 2018 Newsletter – Legalisation by Apostille
A large number of countries all over the world have joined a treaty that greatly simplifies the authentication of public documents to be used abroad. This treaty is called the Convention de La Haye du 5 Octobre 1961 Abolishing the Requirement of Legalisation for Foreign Public Documents
Read MoreNovember 2017 Newsletter – Global forum & CFATF Update
The 10th Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum Plenary) took place in Yaoundé, Cameroon on November 15th to 17th , 2017. The Commonwealth Secretariat (ComSec) also hosted a meeting of small states that are also International…
Read MoreOctober 2017 Newsletter – Record-Keeping Procedures
Record Keeping is the capture and retention of documents received during the business relationship or a one-off transaction.
Read MoreSeptember 2017 Newsletter – Other Notable Changes- Part II
The NBCO 2017 and NLLCO 2017 speak to the change of registered office of an entity. The registered office of an entity is the registered office of its registered agent. The new ordinances provide a process for change of registered office.
Read MoreAugust 2017 Newsletter – Other Notable Changes- Part I
We continue with our review of the Nevis Business Corporation Ordinance 2017 (NBCO 2017) and the Nevis Limited Liability Company Ordinance 2017 (NLLCO 2017). The August and September editions of the newsletter will highlight some other notable changes under both Ordinances.
Read MoreJuly 2017 Newsletter – The Revised Ordinances
The Nevis Business Corporation Ordinance 2017 (NBCO 2017) and Nevis Limited Liability Company Ordinance 2017 (NLLCO 2017) were passed in the Nevis Island Assembly on the 20th day of July, 2017 and we are currently awaiting publication in the gazette.
Read MoreJune 2017 Newsletter – Guidelines for Independent Internal AML/CFT Audit
One of the areas assessed by the FSRC – Nevis Branch during an onsite inspection is whether or not a regulated entity has performed an independent internal audit (“audit”) to test and validate activities to mitigate against money laundering/financing of terrorism risks. This is done to determine…
Read MoreMay 2017 Newsletter – Fitness & Propriety
The information herein is provided to assist regulated entities in applying the fit and proper test to relevant persons. A relevant person is defined in the AMLR as a person carrying on relevant business. Relevant business is defined as engaging by way of business in one or more of the businesses…
Read MoreApril 2017 Newsletter – Beneficial Ownership
The information herein is provided to assist regulated entities in meeting the requirement to perform customer due diligence on beneficial owners or controllers of entities.
Read MoreMarch 2017 Newsletter – Recap of 2017 AML/CFT Awareness Seminar & TrainingWorkshop
The Nevis Financial Services (Regulation and Supervision) Department held its 12th Annual Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) Awareness Seminar and Training Workshop on March 06 and 07, 2017 at the Four Seasons Resort Nevis. The Workshop was held under the theme, “Increasing…
Read MoreFebruary 2017 Newsletter – Global Forum & CFATF part2
The Caribbean Financial Action Task Force (CFATF) held its XLIV Plenary and Working Groups Meeting in Providenciales, Turks and Caicos Islands during the period November 6-10, 2016.
Read MoreJanuary 2017 Newsletter – Global Forum & CFATF part1
This Month’s Newsletter outlines the progress to date that the Federation of St. Kitts-Nevis has made towards the implementation of the Common Reporting Standard (CRS).
Read MoreDecember 2016 Newsletter – The year in review
Beginning in January 2016, regulated entities were required to seek approval for the Appointment of the Compliance/Reporting Officer.
Read MoreNovember 2016 Newsletter – How to undertake a risk assessment
Based on the regulatory reviews conducted in 2014 and 2015, Examiners of the FSRC noted that one recurring area of weakness is the absence of a risk assessment being conducted by regulated entities. This month’s newsletter highlights how to develop and implement a risk assessment as an important component…
Read MoreSeptember 2016 Newsletter – Financial Information Month 2016
Financial Information Month is a regional financial, economic, business and entrepreneurial education campaign executed in the Eastern ean Currency Union (ECCU) since 2002 through the collaborative efforts of the Eastern Caribbean Central Bank, ECCU member governments, financial and academic institutions,
the…
August 2016 Newsletter – Continuation of the FATF Recommendations and Guidance for the Money Services Business (MSB) Sector
In this issue, the most relevant FATF Recommendations are highlighted below together with a brief summary of the legal, regulatory or administrative measures that are in place to comply with each recommendation.
Read MoreJuly 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.
Read MoreJune 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.
Read More