OFAC guidance -Sanctions against Iran posted: November 26, 2014
On November 24, 2013, the United States and its partners in the P5 + 1 (China, France, Germany, Russia, the United Kingdom, and the United States, coordinated by the European Union’s High Representative) reached an initial understanding with Iran, outlined in a Joint Plan of Action (JPOA), that…
Read MorePolicy note re: APOSTILLES documents for filing
Kindly note that effective January 01, 2015, the following policy will be applicable to all concerned re: APOSTILLES documents for filing.
Read MoreOctober 2014 Newsletter – Good Auditing Principles and Characteristics
In accordance with section 35 of the Financial Services Regulatory Commission Act 2009, (FSRC Act), all regulated entities are obligated to annually appoint an auditor with an accreditation of Chartered Public Accountant or Association of Certified Chartered Accountant, satisfactory to the Commissio…
Read MoreRevocation Advisory for Leroy V. Matthew
The Nevis Financial Services Regulation and Supervision Department hereby advises that the licence for Leroy V. Matthew to act as a Registered Agent has been revoked.
Read MoreSeptember 2014 Newsletter – High Risk Factors in AML/CFT
Regulated businesses are to develop and implement monitoring processes for detecting and reporting suspicious activities with emphasis on high-risk countries. Policies and procedures should focus on combating money laundering and countering the financing of terrorism which would provide the foundation…
Read MoreRevocation Advisory for Administrative Trust Services Limited
The Nevis Financial Services Regulation and Supervision Department hereby advises that the licence of Administrative Trust Services Limited to act as a Registered Agent has been revoked.
Read MoreRussian Federation Sanctions
Russia’s military intervention in Ukraine, purported annexation of Crimea, and ongoing violation of Ukraine’s sovereignty and territorial integrity breach its core obligations under international law and threaten international peace and stability.
Read MoreAugust 2014 Newsletter – Confidentiality
The Federation of St. Kitts and Nevis ensures that a high level of confidentiality is maintained within its Financial Services Sector through the enactment of various legislation, namely the Confidential Relationships Act, Cap 21.02, the Banking Act Cap 21.01, the Nevis Offshore Banking Ordinance Cap…
Read MorePhase 2 Peer Review of St. Kitts and Nevis by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes
The Government of St. Kitts and Nevis is pleased to inform the general public of the release of the Phase 2 Peer Review Report of St. Kitts and Nevis’ exchange of information practices.
Read MorePeer Review Report Phase 2 Implementation of the Standard in Practice
This report summarises the legal and regulatory framework for transparency and exchange of information in St. Kitts and Nevis together with the practical implementation of that framework.
Read MoreJuly 2014 Newsletter – Designated Non-Financial Businesses and Professions (DNFBPs)
In view of increased legislative requirements for financial institutions to develop and implement measures to combat money laundering and terrorist financing, money launderers may look at DNFBPs to try and conceal laundered proceeds and revenues of crimes. Thus, there is potentially, significant risks…
Read MoreFATF Advisory – improving global AML/CFATF Compliance 27 June, 2014
As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
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