March 2016 Newsletter – Recap of 2016 AML/CFT Workshop

Under the theme “Powerful Insights, Practical Ideas, Real Solutions:
Financial Crime Prevention – the Way Forward” the Nevis Financial Services (Regulation and Supervision) Department (“FSRC—Nevis Branch”) held its annual AML/CFT Awareness Seminar and Training Workshop on Monday March 21 and…

Read More

February 2016 Newsletter – New Standard of Supervision

The Group of International Finance Centre Supervisors (“GIFCS”) first issued a Best Practice Statement on the supervision of Trust and Corporate Service Providers (“TCSPs”) in 2002. Since then GIFCS member countries have used this Statement as a benchmark for establishing regulatory frameworks…

Read More
Developed countries around the world have been engaging in automatic exchange of information (“AEOI”) for many years to tackle tax evasion. The Organisation for Economic Co-operation and Development (“OECD”) has been active in facilitating AEOI by creating the legal framework, developing technical standards, providing guidance and training.

January 2016 Newsletter – Automatic Exchange of Information

Developed countries around the world have been engaging in automatic exchange of information (“AEOI”) for many years to tackle tax evasion. The Organisation for Economic Co-operation and Development (“OECD”) has been active in facilitating AEOI by creating the legal framework, developing technical…

Read More

December 2015 Newsletter – The Year In review

The Financial Services Regulatory Commission approved the Minimum Guidelines for the Role and Appointment of Compliance/Reporting Officers pursuant to the Financial Services Regulatory Commission Act, and other relevant legislation. These Guidelines will take effect as of January 01, 2016.

Read More

November 2015 Newsletter – Politically Exposed Persons & Enhanced Due Diligence

The Anti-Money Laundering Regulations, 2011 (“AMLR”) define a politically exposed person (“PEP”) as a person who is an individual who is a prominent public person or a person who has been entrusted with a prominent public function in a territory outside St. Christopher and Nevis

Read More

October 2015 Newsletter – Preparing for the 4th Round of the CFATF Mutual Evaluation Process

Whereas the 3rd Round of Mutual Evaluations placed considerable significance on whether an assessed jurisdiction’s legal and administrative frameworks were in place to address ML/TF, the 4th Round Caribbean Financial Action Task Force (“CFATF”) Mutual Evaluations are now focused on effectivene…

Read More

September 2015 Newsletter – AML/CFT Onsite Examination Programme (Part 2)

Fifty-five percent (55%) of the regulated entities were found to be compliant in maintaining a training program to test the effectiveness of their employees’ AML/CFT awareness and maintained a training register as evidence of that training. Pursuant to paragraph 133 of the FSIISR—“Training Programmes”,…

Read More

August 2015 Newsletter – AML/CFT Onsite Examination Programme

The Financial Services (Regulation and Supervision) Department continues to conduct its on-site examination to assess the extent to which regulated entities are operating in accordance with their obligations under the relevant AML/CFT legislation, i.e. the Anti-Money Laundering Regulations, No. 46 of…

Read More

July 2015 Newsletter – The Global Forum on Transparency and Exchange of Information for Tax Purposes

This edition provides information about the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) for jurisdictions participating in the international effort to combat tax evasion and avoidance through transparency and tax information exchange.

Read More

June 2015 Newsletter – Verification Methods

Commonly referred to as Guidance Notes, the Financial Services (Implementation of Industry Standards) Regulations, 2011 were issued in accordance with Section 52 of the Financial Services Regulatory Commission Act, Cap 21.10. The Guidance Notes represent what is considered to be best industry practice…

Read More

May 2015 Newsletter – Customer Identification Program

Identification Procedures in Relation to Business Relationships and One-Off Transactions Pursuant to Regulation 4 of the Anti-Money Laundering Regulations, 2011

Read More

April 2015 Newsletter – Minimum Guidelines for the role & appointment of compliance & reporting officers

Each regulated entity is required to appoint a fit and proper individual approved by the Financial Services Regulatory Commission as its Compliance Officer (“CO”).

Read More

March 2015 Newsletter – Recap of 2015 Seminar

On March 3 and 4, 2015, the Nevis Financial Services Department held its annual Seminar and Training Workshop at the Four Seasons Resort, Nevis under the theme, “De-risking your Institution by Improving the Culture of Compliance.”

Read More

February 2015 Newsletter – 2015 AML/CFT Seminar & Training Workshop

The Nevis Financial Services Department will be hosting its annual AML/CFT Seminar and Training Workshop on March 3rd and 4th at the prestigious Four Seasons Resort, Nevis. This training is in alignment with the Department’s commitment to ensure that employees of regulated entities receive the necessary…

Read More

January 2015 Newsletter – Reporting Regulations for Regulated Entities

Regulated Entities are granted licences based on the information and circumstances presented at the time of application. Appropriate checks and verification, including ‘fit and proper’ assessments are undertaken and based on the results, licences are either granted or denied.

Read More

December 2014 Newsletter – The Year In Review

All Regulated Entities were advised of the new requirement to submit an Application for Renewal of Licence as a Service Provider. Renewal licences will not be issued unless a completed renewal form is submitted along the all applicable supporting documentation and the prescribed fee.

Read More

November 2014 Newsletter – Assessing Risk in Business Relationships

Regulated entities should assess the risk of doing business both prior to and throughout the duration of every business relationship. Assessing risk should not be a ‘one-size fit all’ operation but each regulated entity should incorporate most of the following factors when assessing risk to their…

Read More

October 2014 Newsletter – Good Auditing Principles and Characteristics

In accordance with section 35 of the Financial Services Regulatory Commission Act 2009, (FSRC Act), all regulated entities are obligated to annually appoint an auditor with an accreditation of Chartered Public Accountant or Association of Certified Chartered Accountant, satisfactory to the Commissio…

Read More

September 2014 Newsletter – High Risk Factors in AML/CFT

Regulated businesses are to develop and implement monitoring processes for detecting and reporting suspicious activities with emphasis on high-risk countries. Policies and procedures should focus on combating money laundering and countering the financing of terrorism which would provide the foundation…

Read More

August 2014 Newsletter – Confidentiality

The Federation of St. Kitts and Nevis ensures that a high level of confidentiality is maintained within its Financial Services Sector through the enactment of various legislation, namely the Confidential Relationships Act, Cap 21.02, the Banking Act Cap 21.01, the Nevis Offshore Banking Ordinance Cap…

Read More

July 2014 Newsletter – Designated Non-Financial Businesses and Professions (DNFBPs)

In view of increased legislative requirements for financial institutions to develop and implement measures to combat money laundering and terrorist financing, money launderers may look at DNFBPs to try and conceal laundered proceeds and revenues of crimes. Thus, there is potentially, significant risks…

Read More

June 2014 Newsletter – How to Become a Licensed Registered Agent for International Insurance

The NIIO was enacted in April of 2004 and has provided registered insurers and auxiliary service providers the ability to carry on related business from within Nevis. These types of businesses require the use of proper supervision and regulatory guidelines in order to ensure that there are flexible and…

Read More

May 2014 Newsletter – Developing an AML/CFT Compliance Programme

All regulated entities must develop an Anti-Money Laundering and Counter Terrorist Financing (AML/CFT) Compliance Programme which is designed specifically for its business. The following information will assist regulated entities in developing a written AML/CFT Compliance Programme which is
to be submitted…

Read More

April 2014 Newsletter – Plans for 30th Anniversary Celebrations

Plans for 30th Anniversary Celebrations; Policy & Procedure Tips; 1st Quarter Comparison from 2012—2014; Reminders

Read More

March 2014 Newsletter – Recap of 2014 Seminar / Plans for 30th Anniversary Celebrations / FATCA

Under the theme “Redefining our Global Vision through Knowledge Enhancement” the Nevis Financial Services Regulation and Supervision Department held its annual AML/CFT Awareness Seminar and Training Workshop on Tuesday March 3 and Wednesday March 4, 2014.

Read More

February 2014 Newsletter – Training

Regulated entities have a duty to ensure that existing and new staff and any person exercising responsibilities specified in the Guidance Notes [Financial Services (Implementation of Industry Standards) Regulations] receive comprehensive training

Read More

January 2014 Newsletter – Transparency & Beneficial Ownership of Legal Persons

Competent authorities should be able to obtain, or have access in a timely fashion to, adequate, accurate and current information on the beneficial ownership and control of companies and other legal persons (beneficial ownership information) that are created in the country. Countries may choose the mechanisms…

Read More

December 2013 Newsletter – The Year In Review

Effective January 2013 all Corporate Service Providers were advised to submit a Certificate of Good Standing from the Registrar of Local Companies as a condition for renewal of their Registered Agent licenses.

Read More

November 2013 Newsletter – Customer Due Diligence (CDD) cont’d

When performing elements (a) and (b) of the CDD measures specified under Recommendation 10, (identified on pg 1 of last month’s issue) financial institutions should also be required to verify that any person purporting to act on behalf of the customer is so authorised and should identify and verify…

Read More

October 2013 Newsletter – Customer Due Diligence (CDD)

Financial institutions should be prohibited from keeping anonymous accounts or accounts in obviously fictitious names.

Read More

August 2013 Newsletter – How to Achieve Better Corporate Governance Vol. 1

Corporate governance refers to the set of systems, principles and processes by which a company is governed. They provide the guidelines as to how the company can be directed or controlled such that it can fulfil its goals and objectives in a manner that adds to the value of the company and is also beneficial…

Read More

July 2013 Newsletter – Governance, Risk, Management & Compliance (GRC)

Governance, risk management, and compliance or GRC is the umbrella term covering an organization’s approach across these three areas. Being closely related concerns, governance, risk and compliance activities are increasingly being integrated and aligned to some extent in order to avoid conflicts, wasteful…

Read More

June 2013 Newsletter – Politically Exposed Persons (PEPs) Risk

Politically Exposed Persons – will include senior political figures, their immediate family and close associates.

Read More

May 2013 Newsletter – Detecting and Reporting Suspicious Activities

In an effort to combat money-laundering, it is increasingly more important for regulated entities to develop effective methods to detect and filter suspicious activities. Regulated businesses must be alert to the implications of the flows and transaction patterns of existing customers, particularly where…

Read More

March 2013 Newsletter – Becoming a Certified Anti-Money Laundering Specialist

Founded in 2001, the Association of Certified Anti-Money Laundering Specialists (ACAMS) is the premier membership organization devoted to professionals in the anti-money laundering field.

Read More

February 2013 Newsletter – Procedures for Change of Registered Agent

A corporation subject to this Ordinance shall at all times have a registered agent in St. Christopher and Nevis. A corporation which fails to maintain a registered agent in St. Christopher and Nevis shall be in contravention of this Ordinance. (NBCO 17 (1); NLLCO 14(1))

Read More

January 2013 Newsletter – Identification Procedures in Relation to Introduced Persons

An intermediary is a person who has or seeks to establish a business relationship or to carry out a one-off transaction of that person’s customer with a relevant person so that the intermediary becomes a customer of the relevant person. (AMLR reg7(8)(a))

Read More

November 2012 Newsletter – Guidelines for Appointment of Auditors

The Financial Services Regulatory Commission Act, 2009 as amended (FSRCA) imposes a statutory duty on regulated entities to submit audited financial statements within three months of the end of the financial period.

Read More

October 2012 Newsletter – Client Acceptance Procedures

Regulated businesses must recognise the increasing importance of ensuring that adequate procedures are in place to know the customers with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these procedures. Without proper due diligence, regulated entities can…

Read More