Nevis
AML/CFT & MLRO
Anti‑Money Laundering (AML) and Countering the Financing of Terrorism (CFT) are essential regulatory frameworks designed to prevent illicit financial activities such as money laundering, terrorist financing and other predicate offences.
In Nevis (as part of the Federation of St. Kitts and Nevis), licensed financial services and designated non‑financial businesses must comply with statutory AML/CFT obligations under the Anti‑Money Laundering Regulations, Proceeds of Crime Act, Anti‑Terrorism statutes and related regime administered by the Financial Services Regulatory Commission (FSRC) and the local Financial Intelligence Unit (FIU).
Ensuring your AML/CFT framework is robust and aligned with international standards (including FATF risk‑based requirements) is crucial for safeguarding your business and reputation in global markets.
Requirements
| Obligation | Description | |
|---|---|---|
 | Risk Management | Develop and maintain processes to identify, assess and manage money‑laundering and terrorism‑financing risks. |
 | Reporting | Report suspicious transactions and activity to the Financial Intelligence Unit (FIU) in accordance with statutory timelines. |
 | Training & Awareness | Provide ongoing AML/CFT training to staff at all levels to ensure understanding of obligations and risk indicators. |
 | MLRO Oversight | Appoint a qualified Money Laundering Reporting Officer (MLRO) responsible for AML/CFT compliance oversight. |
 | Annual Audit & Review | Conduct periodic audits to test compliance mechanisms, risk assessments and documentation integrity. |
 | Record‑Keeping & Documentation | Maintain required records of CDD, risk assessments, reports and internal compliance actions. |
 | Internal Controls & Policies | Maintain evidence‑based internal policies, procedures and controls reflecting local regulations and risk‑based approaches. |
 | Customer Due Diligence (CDD) | Verify and continuously monitor customers and beneficial owners to ensure ongoing compliance with AML/CFT standards. |
Our Services
At IGAML (IGA Group), we provide a full suite of services to support your business at every stage of compliance in Nevis. Our engagements are designed to ensure that your AML/CFT frameworks are effective, efficient and aligned with local and international regulations.
Our services are structured under the following key areas:
01
Compliance Audits & Assurance
- Full AML/CFT external audits
- Targeted thematic reviews
- Enhanced due diligence reporting
02
Risk Assessment & Monitoring
Objective: Identify and evaluate potential financial crime risks across operations, products and client relationships.
- Business and client risk assessments
- Transaction monitoring setup and evaluation
- Ongoing risk reviews
03
MLRO Services & Support
- Appointment of qualified MLROs or support to existing officers
- MLRO shadowing and hands‑on guidance
- Assistance with suspicious activity reporting
04
Outsourced Managed Services
- Know Your Customer (KYC) and Beneficial Owner screening
- Ongoing monitoring and compliance management
- Drafting and updating AML policies and procedures
05
Regulatory Review & Representation
- Preparation for exams and regulatory audits
- Representation in compliance discussions
- Remediation planning for regulatory findings
06
Governance, Manuals & Training
- AML/CFT compliance manuals and ancillary policies
- Role‑based training programmes
- Support for annual compliance updates
07
Investigative Due Diligence & Analytical Services
- In‑depth investigative due diligence
- Data‑driven compliance reporting and analytics
Why Choose IGAML?
Local Insight
With in-depth knowledge of Anjouan’s regulatory framework, we ensure that your compliance measures align with both local and international standards.
Comprehensive Solutions
Our services span the entire compliance spectrum, from external audits and MLRO services to outsourced KYC/KYB management.
Personalised Support
We tailor our solutions to your specific needs, ensuring that every aspect of your compliance programme is optimised for efficiency.
Frequently Asked Questions
What is an AML Compliance Programme?
An AML/CFT Compliance Programme is a documented set of policies, procedures, internal controls and governance to manage AML/CFT risk and demonstrate ongoing compliance with regulatory requirements.
Do businesses in Nevis need an MLRO?
Yes — licensed financial service providers and other regulated entities are expected to appoint or designate a qualified Money Laundering Reporting Officer (MLRO) responsible for overseeing AML/CFT compliance functions.
What is the role of the MLRO?
The MLRO ensures policies and controls are effectively implemented, suspicious activity is reported to the FIU and compliance obligations are met across the business.
Need assistance?
Whether you have queries, need further assistance or would like to request a quote for any of our services, please don’t hesitate to contact us.
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