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Saint Kitts and Nevis Tightens Grip on AML/CT Compliance

The Financial Services Regulatory Commission (FSRC) has implemented a stringent Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime in Saint Kitts and Nevis, aimed at ensuring that all regulated businesses comply with the country’s financial regulations.

Compliance Requirements

Under the AML/CFT legislation, all financial institutions and other regulated entities are required to:

• Conduct due diligence on their customers and beneficial owners
  • Verify identities
  • Obtain necessary documents
  • Monitor activities

The FSRC conducts regular on-site examinations of these entities to ensure compliance with regulations and detect any potential money laundering or terrorist financing activities.

On-Site Examinations

During an on-site examination, FSRC examiners review a range of documents, including:

• Customer files
• Citizenship by investment applications
• Financial records

to assess whether the entity has established adequate policies and procedures for identifying and managing risks. The examiners also evaluate the effectiveness of the entity’s internal controls, monitoring programs, and training schedules.

Risk-Based Supervision

The FSRC uses a risk-based approach to supervise regulated entities, with more frequent examinations conducted on entities that pose higher risks or have previously demonstrated weaknesses in their compliance with AML/CFT regulations.

Transparency Requirements

To ensure transparency, regulated entities are required to:

• Maintain accurate records of customer transactions
• Report suspicious activities
• Retain financial records for a specified period

The FSRC’s efforts to strengthen AML/CFT compliance in Saint Kitts and Nevis are designed to:

• Protect the country’s financial system from money laundering and terrorist financing risks
• Promote transparency and trust among local businesses and international investors