AML/CFT Compliance Regulations for Fintech Companies in Saint Kitts and Nevis

The Financial Services Regulatory Commission (FSRC) is the ultimate regulatory body for anti-money laundering (AML) in Saint Kitts and Nevis, responsible for regulating providers of financial services. The FSRB’s operations are divided into two departments, with one located in Saint Kitts and another in Nevis.

Responsibilities of the Nevis Financial Services Regulation and Supervision Department

The Nevis Financial Services Regulation and Supervision Department is a branch of the FSRB responsible for:

• Authorizing and licensing companies or individuals to conduct financial services business
• Monitoring regulated activities to safeguard the public against illegal and unauthorized operations from within or outside Nevis

Corporate Registry and International Companies

Through the Corporate Registry, the Nevis Branch of the FSRB is responsible for:

• Registering all international companies
• Forming trusts and foundations
• Registering international insurance companies

AML/CFT Compliance Regulations for Fintech Companies

As a result of these responsibilities, fintech companies operating in Saint Kitts and Nevis must adhere to strict AML/CFT compliance regulations to maintain their licenses and ensure continued operations. This includes:

• Conducting thorough customer due diligence
• Implementing effective anti-money laundering programs
• Reporting suspicious transactions and activities

By complying with these regulations, fintech companies can demonstrate their commitment to combating financial crime and maintaining the integrity of the financial system in Saint Kitts and Nevis.