Funds Security
Real Money

July 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 More

June 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 if the regulated entity adequately reviews internal control procedures to ensure compliance with AML/CFT Laws and Regulations.

Read More

May 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 or transactions referred to in relation to a regulated person. A regulated person means any person carrying on a regulated business activity as defined under the Proceeds of Crime Act (POCA).

Read More

April 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 More

March 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 Awareness through Smarter Compliance – Forging New Connections to Combat Financial Crime.”

Read More