What is Nevis Financial Services Regulatory Commission (FSRC)? Nevis Financial Services Regulatory Commission (FSRC) Review, Features

The Nevis Financial Services Regulatory Commission (FSRC) was established to regulate providers of financial services, other than those covered by the Banking Act.

About Nevis Financial Services Regulatory Commission (FSRC)

• The Nevis Financial Services Regulatory Commission (FSRC) is the ultimate anti-money laundering regulator in St. Kitts and Nevis. To perform its functions, the Commission is divided into two operational divisions, one based in St. Kitts and the other in Nevis.
• The Nevis Department of Financial Services Regulation and Supervision is the Nevis branch of the Financial Services Regulatory Commission and is the body responsible for authorising and licensing firms or individuals to carry on financial services business and for monitoring regulated financial services activities to protect the public from any illegal and/or unauthorised financial services business operating in or from Nevis.
• Through the Registrar of Companies, the Nevis Division of the Financial Services Regulatory Commission is also responsible for the registration of all international companies, the formation of trusts and foundations and the incorporation of international insurance companies.

Function

The core functions of the Nevis Division of the Financial Services Regulatory Commission are:

• Become the final regulator for financial services and anti-money laundering in St. Kitts and Nevis.
• Conduct a comprehensive review of the operations of all regulated entities
• Monitor financial services operations conducted in or from St. Kitts and Nevis and take action against those conducting unauthorized operations
• Monitoring compliance by regulated persons with the Proceeds of Crime Act, the Anti-Terrorism Act and such statutes, regulations, codes or guidelines relating to money laundering and the financing of terrorism.
• Monitor the effectiveness of regulations relating to financial services business conducted in or from St. Kitts and Nevis, in accordance with internationally accepted standards.
• Authorise and review the affairs or business of a regulated entity to ensure that the requirements of the relevant laws and regulations of the regulated entity have been complied with and that the regulated entity is financially sound and is managing its business prudently;

Governance

The Nevis Branch of the Financial Services Regulatory Commission monitors, supervises and takes such action as it deems necessary or expedient to develop the following areas:

• Enterprise Service Providers
• Credit Union
• International Insurance Business
• Money Services Business
• Mutual Fund Management
• Multi-format foundation
• International Banks

Nevis Financial Services Regulatory Commission (FSRC) Mission

To promote good governance and accountability within a strong regulatory environment, with the aim of protecting and strengthening the reputation and viability of the Nevis financial services industry.