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.
Read MoreOctober 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.
Read MoreSeptember 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 for this fight.
Read MoreAugust 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 7.05 and AML/CFT Regulations.
Read MoreJuly 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 in the services offered by this sector being misused for money laundering and the financing of terrorism.
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