December 2015 Newsletter – The Year In review
The Financial Services Regulatory Commission approved the Minimum Guidelines for the Role and Appointment of Compliance/Reporting Officers pursuant to the Financial Services Regulatory Commission Act, and other relevant legislation. These Guidelines will take effect as of January 01, 2016.
Read MoreStatistical Bulletin – 3rd and 4th Quarter 2015
The graphs below provide important statistics on the monthly incorporation and registration activities of the Financial Services Registry.
Read MoreNovember 2015 Newsletter – Politically Exposed Persons & Enhanced Due Diligence
The Anti-Money Laundering Regulations, 2011 (“AMLR”) define a politically exposed person (“PEP”) as a person who is an individual who is a prominent public person or a person who has been entrusted with a prominent public function in a territory outside St. Christopher and Nevis
Read MoreCFATF Public-Statement – Port of Spain, Trinidad and Tobago
The Caribbean Financial Action Task Force (CFATF) is an organization of twenty seven jurisdictions of the Caribbean Basin Region, which has agreed to implement the international standards for Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) – Financial Action Task Force Recommendations…
Read MoreOctober 2015 Newsletter – Preparing for the 4th Round of the CFATF Mutual Evaluation Process
Whereas the 3rd Round of Mutual Evaluations placed considerable significance on whether an assessed jurisdiction’s legal and administrative frameworks were in place to address ML/TF, the 4th Round Caribbean Financial Action Task Force (“CFATF”) Mutual Evaluations are now focused on effectivene…
Read MoreExtension 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…
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”,…
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).
Read More
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…
Read MoreJuly 2015 Newsletter – The Global Forum on Transparency and Exchange of Information for Tax Purposes
This edition provides information about the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) for jurisdictions participating in the international effort to combat tax evasion and avoidance through transparency and tax information exchange.
Read MoreFirst Fidelity Trust Limited – Revocation Advisory
The Nevis Financial Services Regulation and Supervision Department hereby advises that the licenses of First Fidelity Trust Limited to act as Registered Agent have been REVOKED
Read More