Saint Kitts and Nevis Tightens AML/CFT Grip with Regulatory Body

The Financial Services Regulatory Commission (FSRC) has taken center stage in regulating providers of financial services in Saint Kitts and Nevis, excluding those covered by the Banking Act. As the ultimate regulatory body for anti-money laundering (AML) and combating the financing of terrorism (CFT), the FSRC is poised to safeguard the public against illegal and unauthorized financial activities.

Effective Regulation

To effectively carry out its mandate, the FSR has divided into two operational departments:

• Nevis Financial Services Regulation and Supervision Department: This department is responsible for authorizing and licensing companies or individuals to conduct financial services business within the territory.
  • Monitoring of regulated financial activities to prevent any illegal or unauthorized operations from taking place in or originating from Nevis.

Corporate Registry

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

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

Commitment to a Safe Financial Environment

The establishment of this robust regulatory framework underscores Saint Kitts and Nevis’ commitment to ensuring a safe and secure financial environment, while also meeting international standards and best practices in AML/CFT regulations.

By tightening its grip on AML/CFT, the FSR is demonstrating its dedication to protecting the public and maintaining a stable financial system. This move will undoubtedly contribute to Saint Kitts and Nevis’ reputation as a trustworthy and secure destination for financial services.