Saint Kitts and Nevis Financial Institution Risk Assessment: Be Aware of Unlicensed Financial Service Providers

The Financial Services Regulatory Commission (FSRC) has issued a warning to the general public to exercise caution when dealing with individuals or businesses offering financial services without a local license. The commission urges citizens and residents to verify the legitimacy of any business arrangement or contract with such entities before entering into it.

Emerging Trend: Unlicensed FOREX and CFD Trading

According to the FSRC, an emerging trend has seen companies engaged in foreign exchange trading (FOREX) and Contract for Differences (CFD) trading operating without proper licenses. The commission is advising the public to be particularly vigilant when dealing with these types of businesses.

Before Engaging with a Financial Service Provider: Verify Licensing

Before engaging with any financial service provider, individuals are advised to check if the company has been properly approved and licensed by the relevant licensing authority. To verify the legitimacy of a financial service provider:

• Check for a local license
• Research the company’s reputation and reviews online
• Contact the FSRC’s Nevis Branch at 469-1469 for information or assistance

Reporting Suspicious Activities

The commission is taking a proactive approach to ensure the integrity of the financial services sector in Saint Kitts and Nevis, and is urging the public to play an active role in reporting any suspicious activities or unlicensed businesses. If you suspect that a business is operating without a license, report it to the FSRC’s Nevis Branch at 469-1469.

Stay Safe: Report Unlicensed Businesses

The FSRC encourages the public to remain vigilant and report any suspicious activities or unlicensed businesses. Together, we can ensure the integrity of our financial services sector.