Extension to Comply with FATCA Reporting
Financial institutions that are required to comply with the United States of America’s (USA’s) Foreign Account Tax Compliance Act (FATCA) are asked to note that the US Treasury Department has issued Notice 2015-66 which provides for some relief from the deadline of 30 September 2015 for exchange of information by Foreign Governments that have a signed Inter-Governmental Agreement (IGA) or have reached an agreement in substance with the USA.
Read MoreSeptember 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.
Read MoreFATCA Competent Authority for the Federation of St Kitts and Nevis begins online enrollment of Financial Institutions for FATCA reporting
The FATCA Competent Authority for the Federation of Saint Kitts and Nevis announces the start of online enrollment and data submissions for ALL Financial Institutions registered with the United States Internal Revenue Service (IRS) as Foreign Financial Institutions (FFIs).
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The Federation of Saint Kitts and Nevis and the United States of America Sign Agreement to Improve International Tax Compliance and to Implement FATCA
The Governments of the Federation of Saint Kitts and Nevis and the United States of America (USA) on 31 August 2015, signed an InterGovernmental Agreement (IGA) that will facilitate compliance by financial institutions in the Federation with the USA’s Foreign Account Tax Compliance Act (FATCA).
Read MoreAugust 2015 Newsletter – AML/CFT Onsite Examination Programme
The Financial Services (Regulation and Supervision) Department continues to conduct its on-site examination to assess the extent to which regulated entities are operating in accordance with their obligations under the relevant AML/CFT legislation, i.e. the Anti-Money Laundering Regulations, No. 46 of 2011 (“AMLR”), the Anti-Terrorism (Prevention of Terrorism Financing) Regulations No. 47 of 2011 (“ATR”), the Financial Services (Implementation of Industry Standards) Regulations No. 51 of 2011 (“FSIISR”), and the Proceeds of Crime Act, Cap 4.28 (“POCA”). Findings from these examination underpin the Department’s continued concern at the lack of effective implementation of the jurisdiction’s AML/CFT regime.
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