Financial Services Authority St Vincent and the Grenadines 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) (Formal operations commenced on November 12th, 2012)

Members of the Board and Staff members at the Kingstown Baptist Church on Sunday, November 6 as part of the 10th Anniversary week of activities. From left (front): Kalique Peters, Nyasha Browne, Derek St. Rose, Alma Dougan (Deputy Chairman), Karen Jackson, Daphne Scott, Ival Jack, Mintrue Rose-Providence,Vasilca Morgan. From left (back)-Susan Samuel (Director), Jimmy Black, Carla James, Laffa Francois, Dennis Gurley, Farique Daniel, Roxanne Durham, Keisha Bynoe, Debon Moses, Geshell Peters, Shaquille Williams

The regulatory and supervisory authority for the international financial services and domestic non-bank financial services sector in St. Vincent and the Grenadines

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

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 standards for institutional strengthening for the control and management of risk in the financial services sector and for the protection of customers of financial entities as well as creditors and the public;

Finance and Administrative Staff, from left: Shaquille Williams – Accounts Officer; Debon Moses – Administrative Assistant; Vasilca Morgan – Cashier: Keisha Bynoe – Manager, Finance and Administration; Courtney Lewis – Office Attendant/Filing Clerk

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

• Regulation & Supervision
• Monitoring and ensuring compliance by financial entities with AML/CFT laws
• Licensing/Registration
• Off-site surveillance
• On-site Examination
• Enforcement
• Setting standards for institutional strengthening

Chairman Leon Snagg speaking at the 10th Anniversary Church Service

Week of Activities

• Sunday, November 6 – Church Service Kingstown Baptist Church
• Tuesday, November 8 – Customer Appreciation Day
• Wednesday, November 9 – Lecture with 2nd year Business students at the Community College Division of Arts and Sciences
• Wednesday, Nov 9 & Thursday, Nov 10 – Chartiable Drive
• Saturday, November 12 – Cocktail Reception

FSA Staff Interacting with Customers During Customer Appreciation Day 2 –
Mintrue Rose Providence – Manager Insurance and Pensions with members of Lynch Caribbean Brokers – Dionne Walthrus, Kim McDowall and Damian Bowen

SECTORS

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

Management Staff from right: Mintrue Rose-Providence-Manager Insurance and Pensions: Nyasha Browne-Manager Credit Union et al: Keisha Bynoe – Manager Finance & Administration: Karen Jackson- Manager International Financial Services: Derek St. Rose-Deputy Executive Director: Carla James-Executive Director

Credit Unions, Building Societies and Money Service businesses, Friendly Societies, Building Societies, Virtual Asset Service Providers, Mobile Payment Service Providers, Micro- Financing and Lending businesses

Domestic Insurance and Pensions

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

NEW DEVELOPMENTS

Money Services Business (Amendment) Act 2022

The Money Services Business (Amendment) Act was passed on August 30th, 2022. The Money Service Businesses Act was amended to include Micro Financing and Lending Businesses and Mobile Payment Service Providers as new entities which now fall under the supervisory scope of the FSA.

Church Service at the Kingstown Baptist Church on Sunday, November 6 as part of the 10th Anniversary

Virtual Assets Business Act 2022

The Virtual Asset Business Act No. 9 of 2022 was passed on May 20th 2022. The designated body responsible for the administration of this Act is the FSA. Virtual Asset Service Providers (VASPs) are required to be registered in St. Vincent and the Grenadines pursuant to section 4 of the Virtual Asset Business Act. A legal person or individual may be registered to carry out virtual asset business in St. Vincent and the Grenadines, however, section 4 of the Act states that a person shall not offer or operate in or from within St. Vincent and the Grenadines, virtual asset business without being registered under this Act.

Staff at work

Recipient of care package poses with staff members