The information below provides details about the St. Kitts and Nevis banking system, and details on opening a St. Kitts and Nevis offshore bank account. You will find details on the governing body, as well as a list of local and international banks that operate in St. Kitts and Nevis.
In 2000, St Kitts and Nevis found itself on the OECD and FATF blacklists, but was removed from both after promising to tidy up legislative problems, which was done with a number on enactments in 2001-2003. After St Kitts was listed as a tax haven, which was uncooperative in fighting money laundering, the government passed the Money Laundering (Prevention) Bill, the Financial Services Intelligence Unit Bill and the Financial Services Commission Bill. The latter Bill established the Financial Services Commission as the main regulatory body for the offshore sector. In June 2002, St Kitts and Nevis was removed from the blacklist drawn up by the Organization for Economic Co-operation and Development (OECD).
Domestic St Kitts and Nevis banking is regulated by the Banking Act 1991 and non-domestic banking falls under the Financial Services (Regulations) Order 1997. Nevis has its own Offshore Banking Ordinance 1996.
The banking system consists of the Government owned St Kitts-Nevis-Anguilla National Bank Ltd, the Development Bank of St Kitts and Nevis, the privately-owned and semi-privately-owned: Bank of Nova Scotia, Bank of Nevis, First Caribbean, Royal Bank of Canada Royal Bank of Trinidad and Tobago, St. Kitts-Nevis Finance Co. Ltd (FINCO), the Nevis Cooperative Bank, the St. Kitts Credit Union, Nevis Credit Union and the Police Credit Union.
To open an St Kitts and Nevis bank account, or to learn more about St Kitts and Nevis banking, Contact Us today.