August 2016 Newsletter – Continuation of the FATF Recommendations and Guidance for the Money Services Business (MSB) Sector
In this issue, the most relevant FATF Recommendations are highlighted below together with a brief summary of the legal, regulatory or administrative measures that are in place to comply with each recommendation.
Read MoreSt Kitts and Nevis Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters
The Federation of St. Kitts and Nevis has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
Read MoreNevis Trading Group LLC
The Financial Services Regulatory Commission, Nevis Branch has recently been made aware that Nevis Trading Group LLC
Read MoreJuly 2016 Newsletter – AML/CFT Guidelines for the Management of Risks Related to Money Services Businesses
In recent years tougher regulatory scrutiny over the implementation of AML/CFT laws has seriously impacted money services businesses (MSBs) globally, threatening their relationship with the conventional banking sector.
Read MoreNotice to the General Public
The Financial Services Regulatory Commission (FSRC) wishes to advise the General Public to proceed with caution when approached by any person or representative of a business entity who may be offering a financial service without a local licence.
Read MoreOnline Casino and Online Gaming
The Financial Services Regulatory Commission (FSRC) wishes to advise the General Public, that online casinos and online gaming are not currently licensed or authorized to conduct business from or within the Federation of St. Kitts and Nevis.
Read MoreJune 2016 Newsletter – Licensing & Ongoing Supervisory Framework for Insurance Companies
The AML/CFT measures in the financial sector are issued by the Financial Action Task Force (FATF). The International Association of Insurance Supervisors as with other international policy shapers for the respective various sectors support such recommendations.
Read MoreCFATF Public Statement on Haiti and Suriname
On the 8th day of June, 2016, the Caribbean Financial Action Task Force (CFATF) issued a Public Statement on Haiti, a jurisdiction with strategic AML/ CFT deficiencies. Haiti has not made sufficient progress in addressing the deficiencies or has not complied with the Action Plan developed with the CFATF…
Read MoreStatistical Bulletin – 1st and 2nd Quarter 2016
The graphs below provide important statistics on the monthly incorporation and registration activities of the Financial Services Registry.
Read MoreApril 2016 Newsletter – AML/CFT Guidelines for Banks
The inadequacy or absence of sound money laundering and financing of terrorism (ML/FT) risk management exposes banks to serious risks. Sound ML/FT risk management has particular relevance to the overall safety and soundness of banks and the entire banking system.
Read MoreMarch 2016 Newsletter – Recap of 2016 AML/CFT Workshop
Under the theme “Powerful Insights, Practical Ideas, Real Solutions:
Financial Crime Prevention – the Way Forward” the Nevis Financial Services (Regulation and Supervision) Department (“FSRC—Nevis Branch”) held its annual AML/CFT Awareness Seminar and Training Workshop on Monday March 21 and…