Saint Vincent and the Grenadines Financial Services Authority Celebrates 10th Anniversary

Saint Vincent and the Grenadines Financial Services Authority Celebrates 10th Anniversary

WHO WE ARE:

A statutory body established by an Act of Parliament in 2011 (Financial Services Authority Act No. 33 of 2011) (official operations commenced on 12 November 2012)

The regulatory and supervisory authority for the international financial services sector and domestic non-banking financial services in Saint Vincent and the Grenadines

From left to right: Debon Moses – Administrative Assistant; Nyasha Browne – Credit Union Manager et al; Ival Jack-Senior Examiner, International Financial Services; Vasilca Morgan – Cashier; Mintrue Rose-Providence – Insurance and Pensions Manager

WHAT WE DO :

Supervise and regulate the operations of financial entities; promote stability, public awareness and public confidence in the operations of financial entities; establish institutional strengthening standards for the control and management of risks in the financial services sector and for the protection of customers of financial entities as well as creditors and the public;

Finance and administration staff, from left: Shaquille Williams – Account Manager; Debon Moses – Administrative Assistant; Vasilca Morgan – Cashier: Keisha Bynoe – Manager, Finance and Administration; Courtney Lewis – Office Clerk/Filing Clerk

The FSA is responsible for ensuring that each licensed financial entity is properly managed and remains financially sound through:

  • Regulation & Supervision
  • Monitor and ensure compliance of financial entities with AML/CFT laws
  • License/Registration
  • Offsite Monitoring
  • On-site review
  • Enforcement
  • Setting standards for institutional strengthening

President Leon Snagg speaking at the 10th anniversary church service


Activity week

  • Sunday, November 6 – Kingstown Baptist Church Service
  • Tuesday, November 8 – Customer Appreciation Day
  • Wednesday, November 9 – Conference with 2nd year business students in the Arts and Sciences Division of the Community College
  • Wednesday November 9 and Thursday November 10 – Chartiable Drive
  • Saturday November 12 – Cocktail dinner

FSA staff interact with customers on the second Customer Appreciation Day –
Mintrue Rose Providence – Manager Insurance and Pensions with Lynch Caribbean Brokers members – Dionne Walthrus, Kim McDowall and Damian Bowen

SECTORS

International Financial Services (Commercial Companies, Limited Liability Companies, Trusts, Registered Agents and Trustees, International Banks, Mutual Funds, International Insurance)

Credit unions, building societies and money service businesses, friendly societies, building societies, virtual asset service providers, mobile payment service providers, microfinance and loan companies

National insurance and pensions

Registry staff from left to right: Dejante Simmons, Vasilca Morgan, Geshell Peters, Dennis Gurley, Yolande Balcombe, Leslie Anna Joseph and Osrick James

NEW DEVELOPMENTS

Money Services Businesses (Amendment) Act 2022

The Money Services Businesses (Amendment) Act was passed on August 30, 2022. The Money Services Businesses Act was amended to include microfinance and lending businesses and mobile payment service providers in as new entities that now fall within the scope of FSA supervision.

Care package recipient poses with staff members

Virtual Assets Act 2022

The Virtual Assets Act No. 9 of 2022 was passed on May 20, 2022. The designated body responsible for administering this Act is the FSA. Virtual Asset Service Providers (VASPs) must be registered in Saint Vincent and the Grenadines pursuant to Section 4 of the Virtual Assets Act. A body corporate or an individual can be registered to conduct virtual asset business in St. Vincent and the Grenadines, however, Section 4 of the Act states that a person shall not offer or operate to or from Saint Vincent and the Grenadines, virtual assets a heritage business without being registered under this Act.

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