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Functions of the SVGFIU as Supervisory Authority for NRSPs

The objectives of the Supervisory Authority include, but are not limited to:

  1. Determining applications for registration and taking appropriate action against NRSPs which carry out relevant business without being registered.
  2. Monitoring the compliance of NRSPs with their AML/CFT obligations under the relevant Laws, Regulations and Code.
  3. Taking appropriate enforcement action against NRSPs for breaches of, or non-compliance with, their AML/CFT obligations.

 

Registration of NRSPs

The NRSPs are prohibited from carrying out any type of relevant business within Saint Vincent and the Grenadines unless registered (Section 155 (1) of the Proceeds of Crime Act, 2013 as amended by Act No.18 of 2017 (POCA)).  The Registration of NRSPs is scheduled to commence subsequent to the passage of the Non-Regulated Service Providers Regulations, 2019.

 

AML/CFT Obligations of NRSPs

 

Enforcement Actions

The SVGFIU may take appropriate enforcement action against NRSPs for breaches of, or noncompliance with, their AML/CFT Obligations (section 152(2) (b) of POCA). However, the Supervisory Authority must ensure that the enforcement action imposed is effective, proportionate and dissuasive (section 152(4) of POCA). Enforcement actions include, but are not limited to:

  1. Warning letters
  2. Remedial actions
  3. Directives
  4. Administrative penalties
  5. Criminal sanctions

 

Next Steps:

  • The Passage of the Non-Regulated Service Providers Regulations, 2019
  • Training and Awareness Raising
  • The Registration of the NRSPs with the FIU
  • Compliance Officer Approval Process
  • Risk-Based Assessments
  • Development of Compliance Programmes
  • Implementation of policies, procedures, systems and controls to mitigate the risk of Money Laundering and Terrorist Financing
  • Onsite / Offsite Compliance Examinations