May 2013 Newsletter – Detecting and Reporting Suspicious Activities
In an effort to combat money-laundering, it is increasingly more important for regulated entities to develop effective methods to detect and filter suspicious activities. Regulated businesses must be alert to the implications of the flows and transaction patterns of existing customers, particularly where there is a significant, unexpected and unexplained change in the behaviour of a customer in his use of an account or other financial services product.
Read MoreApril 2013 Newsletter – Developing a Risk Based Compliance Program
To assist with the overall objective to prevent money laundering and the financing of terrorism, the Financial Services (Implementation of Industry Standards) Regulations (FSIISR), 2011 adopts a risk based approach.
Read MoreMarch 2013 Newsletter – Becoming a Certified Anti-Money Laundering Specialist
Founded in 2001, the Association of Certified Anti-Money Laundering Specialists (ACAMS) is the premier membership organization devoted to professionals in the anti-money laundering field.
Read MoreFebruary 2013 Newsletter – Procedures for Change of Registered Agent
A corporation subject to this Ordinance shall at all times have a registered agent in St. Christopher and Nevis. A corporation which fails to maintain a registered agent in St. Christopher and Nevis shall be in contravention of this Ordinance. (NBCO 17 (1); NLLCO 14(1))
Read MoreJanuary 2013 Newsletter – Identification Procedures in Relation to Introduced Persons
An intermediary is a person who has or seeks to establish a business relationship or to carry out a one-off transaction of that person’s customer with a relevant person so that the intermediary becomes a customer of the relevant person. (AMLR reg7(8)(a))
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