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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 training in accordance with paragraphs 131 — 134 of the Financial Services (Implementation of Industry Standards) Regulations, 2011.

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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.

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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.

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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 company.

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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 Commission.

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