Financial Services Regulatory Commission Introduces Compliance Risk Assessment Framework in St. Kitts and Nevis

Strengthening Financial Sector Integrity

The Financial Services Regulatory Commission (FSRC), the apex regulatory body for anti-money laundering in St. Kitts and Nevis, has launched a comprehensive compliance risk assessment framework to ensure the integrity of the financial services sector.

Operational Structure

The FSRC is divided into two operational departments:

• Saint Kitts Department: Facilitates effective regulation and supervision of financial services providers
• Nevis Financial Services Regulation and Supervision Department: Responsible for:
  • Authorizing and licensing companies or individuals to conduct financial services business
  • Monitoring regulated activities to safeguard the public against illegal and unauthorized financial services operations

Corporate Registry and International Companies Registration

The Corporate Registry, housed within the Nevis Branch of the FSRC, handles:

• Registration of International Companies: Enhances transparency and stability in the financial services sector
• Formation of Trusts and Foundations: Promotes trust in St. Kitts and Nevis’ financial services sector
• International Insurance Companies Registration: Facilitates registration and supervision of international insurance companies

This move aims to strengthen the financial services sector’s integrity, ensuring a stable and trustworthy environment for businesses and individuals alike.