Financial Crime World

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Financial Crime Reporting Requirements in Antigua and Barbuda Under Scrutiny

The Financial Services Regulatory Commission (FSRC) in Antigua and Barbuda has introduced new regulations aimed at combating financial crime, including money laundering and terrorism financing. The commission has issued guidelines for reporting requirements to ensure compliance with international standards.

Background on the FSRCA

The FSRCA was established in 2013 and provides the regulatory framework for the financial sector in Antigua and Barbuda. According to section 5 of the Act, the Commission’s principal functions include:

  • Regulating and supervising financial services businesses
  • Providing assistance to overseas regulatory authorities
  • Advising the government on matters related to financial services

Regulatory Requirements

The FSRCA is responsible for regulating and supervising all institutions licensed under the International Business Corporations Act (IBC). These institutions are subject to:

  • Annual on-site examinations to ensure compliance with relevant laws, regulations, and international standards
  • Continuous off-site supervision through analysis of quarterly returns and annual audited financial statements
  • Requirements to maintain accurate records of transactions and customer files

The examination process involves assessing solvency, reviewing policies and procedures, verifying compliance with anti-money laundering requirements, and determining whether detailed records of transactions and customer files are maintained.

International Cooperation

To combat financial crime, Antigua and Barbuda has signed Tax Information Exchange Agreements with several countries, including:

  • Aruba
  • Australia
  • Belgium
  • Curacao
  • Denmark
  • Finland
  • France
  • Germany
  • Greenland
  • Iceland
  • Ireland
  • Liechtenstein
  • Netherlands
  • Norway
  • Portugal
  • Sint Maarten
  • Sweden
  • Switzerland
  • United Kingdom
  • United States

Availability of the IBC Act

The IBC Act is available for viewing online in PDF format. For a hard copy, please contact the Antigua and Barbuda Government Printery at (268)462-0410.

Compliance with Reporting Requirements

Financial institutions operating in Antigua and Barbuda must comply with the FSRCA’s reporting requirements to ensure that financial services businesses are not used for money laundering or other criminal activities. The Commission will work closely with domestic and international government agencies to reduce the risk of financial crime.

Regulatory Approach

The new regulations aim to strike a balance between facilitating innovation in financial services and ensuring the integrity of the financial system. The FSRCA recognizes the importance of transparency, fairness, and proportionality in its regulatory approach.

In performing its functions, the Commission will have regard to:

  • The requirements of a sound financial system in Antigua and Barbuda
  • Maintaining market confidence
  • Protecting consumers
  • Promoting the reputation of the country as a financial center