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Compliance Reporting Requirements in St. Kitts and Nevis

The Financial Services Regulatory Commission (FSRC) in St. Kitts and Nevis has outlined specific compliance reporting requirements for financial institutions operating in the country. The regulations aim to ensure that financial institutions maintain accurate records, disclose relevant information, and comply with regulatory requirements.

Insurance Companies

Insurance companies registered in St. Kitts and Nevis are required to submit:

  • Annual accounts, including a balance sheet, profit and loss statement, and auditor’s report
  • Quarterly returns on their financial performance
  • Audited financial statements within six months of the end of each financial year

Captive Insurance Companies

Captive insurance companies operating in St. Kitts and Nevis are required to submit:

  • Annual accounts, including a balance sheet, profit and loss statement, and auditor’s report
  • Quarterly returns on their financial performance
  • Audited financial statements within six months of the end of each financial year

Money Service Businesses

Money service businesses operating in St. Kitts and Nevis are required to submit:

  • Quarterly financial statements, including a balance sheet, profit and loss statement, and auditor’s report
  • Returns on their financial performance
  • Audited financial statements within six months of the end of each financial year

Private Pensions

Private pension funds operating in St. Kitts and Nevis are required to submit:

  • Annual reports, including a balance sheet, profit and loss statement, and auditor’s report
  • Returns on their financial performance
  • Audited financial statements within six months of the end of each financial year

Credit Unions

Credit unions operating in St. Kitts and Nevis are required to submit:

  • Quarterly financial statements, including a balance sheet, profit and loss statement, and auditor’s report
  • Returns on their financial performance
  • Audited financial statements within six months of the end of each financial year

FATCA Reporting

Financial institutions operating in St. Kitts and Nevis are required to comply with:

  • Foreign Account Tax Compliance Act (FATCA) reporting requirements, including submitting annual reports on foreign accounts held by US persons or entities

Anti-Money Laundering and Anti-Terrorism Financing Reporting

Financial institutions operating in St. Kitts and Nevis are required to submit regular reports on suspicious transactions, including:

  • Description of the transaction
  • Amount involved
  • Date and time of the transaction

Penalties for Non-Compliance

Failure to comply with compliance reporting requirements in St. Kitts and Nevis can result in penalties, fines, and even revocation of licenses.

Contact Information

For more information on compliance reporting requirements in St. Kitts and Nevis, financial institutions can contact the Financial Services Regulatory Commission (FSRC) at:

  • P O Box 898
  • South Independence Square Street
  • Basseterre
  • St. Kitts
  • Tel: 1-869-466-5048
  • Fax: 1-869-466-5317
  • Email: info@fsrc.kn