The Nevis Trust and Corporate Service Providers Ordinance 2021 was passed in the Nevis Island Assembly on March 23, 2021 and was brought into force on May 01, 2021. The Ordinance deals with the licensing, monitoring and supervision of registered agents on matters relating to, among others, the i) the composition and functions of the licensing committee; ii) the classes and descriptions of licenses to be granted; iii) the regulated activities; and iv) the powers of the Regulator to conduct onsite examinations without notice.Read More
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, strategy, processes, people, technology and knowledge with the purpose of evaluating and managing the uncertainties the enterprise faces as it creates value. Its objective is to build and improve the capability of the enterprise to identify and manage risk.Read More
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, examinations were conducted remotely to ensure that regulated entities were monitored for compliance with AML/CFT and other regulatory requirements.
The examinations conducted during that period covered a range of regulated entities including financial institutions, registered agents/service providers, money services businesses and attorneys.
Amendments to the Financial Services (Implementation of Industry Standards) Regulations; Amendments to the Anti-Money Laundering Regulations & AntiTerrorism (Prevention of Terrorist Financing) RegulationsRead More