Financial Services Regulation and Supervision

The Financial Services Regulatory Commission was established to regulate providers of financial services except for financial services covered by the Banking Act. It is the ultimate regulatory body for anti-money laundering for St. Kitts and Nevis. The Commission for the purpose of carrying out its function is divided into two operational departments, one located in Saint Kitts and the other in Nevis. The Nevis Financial Services Regulation and Supervision Department is the Nevis Branch of the Financial Services Regulatory Commission and is the agency responsible for authorising and licensing companies or persons to conduct financial services business and for monitoring regulated financial services activities to safeguard the public against any illegal and or unauthorised financial services business operating within or from Nevis. Through the Corporate Registry, the Nevis Branch of the Financial Services Regulatory Commission is also responsible for the registration of all international companies, for the formation of trusts and foundations and international insurance companies.

To promote good governance and accountability in a strong regulatory environment, aimed at protecting and strengthening the reputation and viability of the Nevis Financial Services Industry.

1. Be the ultimate regulatory body for financial services and for anti-money laundering for St. Kitts and Nevis.

2. Maintain a general review of the operation of all regulated entities.

3. Monitor financial services business carried on in or from St. Kitts and Nevis and to take action against persons carrying on unauthorized business.

4. Monitor compliance by regulated persons with the Proceeds of Crime Act, the Anti-Terrorism Act and such Acts, regulations, codes or guidelines relating money laundering of financing of terrorism.

5. Monitor the effectiveness of the relevant enactments in providing for the supervision and regulation of financial services business carried on in or from St. Kitts and Nevis in accordance with internationally accepted standards.

6. Authorize and examine the affairs or business of a regulated entity for the purpose of satisfying itself that the provisions of relevant legislation and regulations are complied with and that a regulated entity is in a sound financial position and is managing its business in a prudent manner.

Mr. Phil Jones

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