September 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).
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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…
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Supervision Department hereby advises that the licenses of First Fidelity Trust Limited to act as Registered Agent have been REVOKED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 MoreAevum Merchant Bank & Trust Co. Ltd
It has been brought to our attention that Aevum Merchant Bank & Trust Co. Ltd through its website is purporting to become a provider of the following banking services:
Read MoreGlobal Forum on Transparency and Exchange of Information for Tax Purposes: Fact Sheet on tax transparency measures taken by jurisdictions on the “pan-EU list”
The EU Commission on June 17, made an announcement regarding third party non-cooperative jurisdictions. In response, Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration and Monica Bhatia, Head of the Global Forum Secretariat sent a letter to all Global Forum members. The…
Read MoreFirst Fidelity Trust Limited – Suspension 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 suspended.
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Nevis Island Administration prepares financial services industry providers for FATCA Implementation
A two-day workshop for representatives of financial institutions and other key stake holders, hosted by the Nevis Financial Services Regulatory and Supervision Department in conjunction with the Ministry of Finance and a National FATCA Committee, will help service providers navigate the ins and outs…
Read MoreAppointment of New Regulator of International Banking
Please be advised that effective Wednesday the 1st day of July, 2015, Mr. James Simpson was duly appointed Regulator of International Banking by the Minister of Finance, Nevis Island Administration pursuant to section 30 of the Nevis International Banking Ordinance, 2014.
Read MoreJune 2015 Newsletter – Verification Methods
Commonly referred to as Guidance Notes, the Financial Services (Implementation of Industry Standards) Regulations, 2011 were issued in accordance with Section 52 of the Financial Services Regulatory Commission Act, Cap 21.10. The Guidance Notes represent what is considered to be best industry practice…
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