July 2018 Newsletter – National Risk Assessment
A National Risk Assessment (NRA) is a comprehensive assessment of money laundering and terrorist financing risks (ML/TF) in a country. An NRA report highlights good governance practices in establishing NRAs and how the results are used to inform public policy and makes concrete recommendations where improvements could still be made.
Read MoreJune 2018 Newsletter – Common Reporting Standard
The Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) as the global standard for the automatic exchange of financial information for tax purposes.
Read MoreMay 2018 Newsletter – FATF Guidance on Virtual Currencies
In recent times, virtual currencies such as Bitcoin, have developed into a payment method with ever growing global acceptance. They offer an innovative, cheap and flexible method of payment.
Read MoreApril 2018 Newsletter – Ongoing Monitoring
Ongoing Monitoring is a vital part of the AML/CFT Compliance Program, and is one of the areas that is assessed during an onsite examination. Examiners seek to ensure that regulated entities have adequate procedures in place for effective ongoing monitoring at periodic intervals. This Month’s Newsletter outlines the statutory provisions for ongoing monitoring based on the requirements of the Anti-Money Laundering Regulations (AMLR), 2011 and the Financial Services (Implementation of Industry Standards) Regulations (FSIISR), 2011.
Read MoreMarch 2018 Newsletter – 2018 AML/CFT Awareness Seminar & Training Workshop
The Nevis Financial Services (Regulation and Supervision) Department will be hosting its 13th annual Anti-Money Laundering/Countering Financing of terrorism (AML/CFT) Awareness Seminar and Training Workshop on Monday, May 14 and
Tuesday, May 15, 2018 at the Four Seasons Resort Nevis. This year the Workshop will be held under the theme, “Improving Transparency and Accountability – Fostering Confidence in Today’s Regulatory Environment.”