Funds Security
Real Money

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 standards, providing guidance and training.

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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.

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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

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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 effectiveness.

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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”, regulated entities should decide for itself how to meet and train members of its key staff in accordance with its particular commercial requirements and how such training is used effectively.

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