(Otherwise called Designated Non-Financial Businesses and Professions (DNFBPs))

 Supervisory Authority for NRSPs

Pursuant to Regulation 36 (b) of the Anti-Money Laundering and Terrorist Financing Regulations 2014, as amended by S.R.O No.25 of 2017 (AMLTFR), the Saint Vincent and the Grenadines Financial Intelligence Unit (SVGFIU) is designated as the supervisory authority of Non-Regulated Service Providers (NRSPs) which comprises of:

1. Real estate agents
2. Casinos
3. Car dealers
4. Jewelers
5. Lawyers, Notaries, Accountants and Auditors who engage in the following activities:

1. buying and selling of real estate
2. management of client money, securities or other assets
3. management of bank, savings or securities accounts
4. organisation of contributions for the creation, operation or management of companies
5. creation, operation or management of legal persons or arrangements

Over the years, the SVGFIU has conducted various training and awareness raising sessions/workshops to sensitise NRSPs of their Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) obligations pursuant to the AMLTF Regulations. The Supervisory Department was subsequently established on 15^th August, 2018.

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