Second Quarter Newsletter 2022- AML /CFT Challenges, Trends & Threats
Each regulated entity has an implicit responsibility to prevent money laundering and terrorist/proliferation financing attempts at their businesses. In response, global regulatory bodies have emerged with more stringent anti-money laundering compliance requirements to identify and eliminate the risk of such criminal activities.
Read MoreFirst Quarter 2022 Newsletter- The Nevis Trust and Corporate Service Providers (TCSPs) Updated Sectoral Risk Summary(Part 2)
The FSRC – Nevis Branch is pleased to report that the total revenue generated by the Nevis financial services sector in 2021 was $20,439,346.65. This represents an unprecedented increase of 75% over 2020’s revenue of $11,666,513.64.
Read MoreFirst Quarter 2022 Newsletter- The Nevis Trust and Corporate Service Providers (TCSPs) Updated Sectoral Risk Summary(Part 1)
During 2021, a total of 1,839 new entities were incorporated/ registered in 2021. The Table below outlines the differences between incorporations for the years 2021 and 2020. Overall, there has been a 23% increase in the total number of incorporations/ registrations for 2021 when compared to incorporations in 2020. As seen in the Table where the percentage changes are shown, registrations in 2021 increased in all of the product areas.
Read MoreFourth Quarter 2021 Newsletter – 2021 Year In Review
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 MoreThird Quarter Newsletter – Enterprise-wide Risk Assessment
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.
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