Financial Services Authority (FSA) — St. Vincent and the Grenadines

Overview

The Financial Services Authority (FSA) of St. Vincent and the Grenadines is an autonomous statutory body established on 12 November 2012 pursuant to the Financial Services Authority Act, No. 33 of 2011. The FSA is the regulatory authority responsible for the oversight and supervision of the international (offshore) financial services sector and non-bank financial services sector, including credit unions, insurance companies, pension funds, building societies, friendly societies, money remitters, and related entities.

St. Vincent and the Grenadines is a member of the Eastern Caribbean Currency Union (ECCU) and uses the Eastern Caribbean Dollar (EC$), pegged to the US dollar at EC$2.70 = US$1.00 since 1976. The Eastern Caribbean Central Bank (ECCB) functions as the supranational central bank for the region with shared banking supervision authority coordinated with the FSA.

The jurisdiction has become a major centre for forex broker licensing and online trading regulation, reflecting evolving international requirements for fintech and alternative finance regulation. The FSA's regulatory approach to forex brokers represents a significant evolution from historical permissiveness to a tiered regulatory framework ensuring established operators demonstrate existing regulatory footprints or specific business models. The FSA exercises regulatory functions to ensure the integrity and stability of the financial system while representing St. Vincent and the Grenadines in global financial discussions and international fora.

Basic Identity

Primary Office:

Financial Services Authority (FSA)

St. Vincent and the Grenadines

Telephone: Available via official channels

Website: https://fsasvg.com/

Alternative Website: https://svgfsa.com/

About: https://fsasvg.com/about-us/

Team: https://fsasvg.com/team/

Social Media & Outreach:

Email: Contact via official channels

LinkedIn: SVG Financial Services Authority (FSA) — https://vc.linkedin.com/company/svg-financial-services-authority-fsa

Instagram: @svgfsa

Organizational Structure:

The FSA is headed by an Executive Director and Board of Directors. Functional divisions include:

• Licensing and authorization

• Supervision and examination

• AML/CFT compliance and monitoring

• Enforcement and remediation

• Forex broker regulation and compliance

• International financial services coordination

• Policy and research

Sources:

• Financial Services Authority — Official Website

• FSA — About Us

• FSA — Team

• SVG FSA Alternative Website

• SVG Financial Services Authority — LinkedIn

• SVG Financial Services Authority — Instagram @svgfsa

• AML Regulations in St. Vincent and the Grenadines — SumSub

• Forex Broker License in SVG — Gofaizen & Sherle

• FSA Regulated Forex Brokers in SVG

• SVG FSA Forex Brokers Regulation Information

• SVG Financial Intelligence Unit — Alerts & Advisories

• Eastern Caribbean Central Bank — About the ECCB

• Caribbean Financial Action Task Force (CFATF)

Document prepared: 2026-04-06 | Regulatory Intelligence Registry

Classification

Inclusion Justification

What This Entity Oversees

The FSA supervises a diverse portfolio of offshore and non-bank financial service providers:

International/Offshore Banks:

• International banks providing cross-border banking services, asset management, wealth management, and treasury services.

• Minimum capitalization and regulatory compliance requirements.

Insurance Companies (Offshore):

• Offshore insurance companies, captive insurers, and reinsurance entities.

• International insurance providers licensed to operate from St. Vincent and the Grenadines.

Insurance Companies (Domestic):

• Domestic insurance companies offering life, health, property and casualty, and specialty insurance.

• Insurance brokers and agents arranging insurance on behalf of clients.

Credit Unions:

• Cooperative financial institutions providing member savings, lending, and financial intermediation services.

• Subject to capital adequacy, prudential, and governance requirements.

Building Societies:

• Savings and mortgage institutions focused on residential property financing.

• Regulated under the Building Societies Act with specialized prudential standards.

Friendly Societies:

• Mutual aid and social insurance organizations providing member benefits and group protection.

Pension Funds:

• Private pension plan administrators and custodians.

• Retirement savings arrangements and occupational pension schemes.

Money Remitters:

• Money transmitters, remittance service operators, and currency exchange providers.

• Subject to licensing, AML/CFT compliance, and operational requirements.

Forex Brokers and Online Trading Platforms:

• Foreign exchange (forex) brokers operating from St. Vincent and the Grenadines.

• Contract for Difference (CFD) trading platforms and derivatives brokers.

• Online trading platforms offering forex, commodities, indices, and cryptocurrencies.

• Note: As of January 6, 2023, forex brokers must obtain FSA licenses; the previous "no-questions-asked" era ended. The FSA implemented a tiered approach: established operators demonstrating existing regulatory footprints, specific business models, or IOSCO standards compliance receive licences. Deadline for compliance was March 10, 2023, with ongoing enforcement of new standards.

International Business Companies (IBCs):

• International Business Companies registered under the IBC Act.

• International trusts and fiduciary structures.

• International partnerships and limited partnerships.

Mutual Funds and Investment Vehicles:

• Mutual funds and collective investment schemes registered for international offering.

• Investment companies and unit trusts.

While the FSA does not directly regulate securities trading and capital markets, it supervises investment-related entities within its mandate, including:

• Mutual funds and collective investment schemes offered internationally.

• Asset management services by international investment companies.

• Investment advisory services embedded in broader financial services offerings.

AML/CFT Framework:

St. Vincent and the Grenadines has implemented a comprehensive AML/CFT regime aligned with FATF standards and CFATF requirements. The FSA is responsible for monitoring compliance by regulated entities under its jurisdiction.

Regulatory Requirements:

• Know-Your-Customer (KYC): Mandatory customer identification, verification, and beneficial ownership disclosure.

• Enhanced Due Diligence (EDD): Elevated procedures for politically exposed persons (PEPs), high-risk jurisdictions, sanctioned entities, and complex structures.

• Suspicious Activity Reporting (SAR): Mandatory reporting of suspected money laundering, terrorist financing, or predicate offenses to the Financial Intelligence Unit (FIU) and law enforcement.

• Currency Transaction Reporting (CTR): Large cash transaction reporting above prescribed thresholds.

• Record-Keeping: Minimum 5-year retention of transaction records and customer documentation.

• Compliance Officer Designation: Senior management responsibility for institutional AML/CFT compliance.

• Staff Training: Mandatory employee training on AML/CFT procedures and suspicious activity identification.

• Beneficial Ownership Transparency: Disclosure requirements for all international companies, trusts, and partnerships.

2024 AML Regulations:

In 2024, the FSA updated the Anti-Money Laundering and Counter-Terrorist Financing Regulations, establishing:

• Administrative penalties for non-compliance with AML/CFT requirements.

• Enhanced procedures for transaction monitoring and reporting.

• Strengthened beneficial ownership and sanctions screening procedures.

Anti-Terrorism Act (2023):

The Anti-Terrorism Act of 2023 complements AML/CFT requirements with:

• Comprehensive counter-terrorist financing provisions.

• Designation and delisting procedures aligned with UNSC resolutions.

• Financial institution obligations regarding terrorist assets and financing.

ECCB Coordination:

The ECCB is designated as the AML/CFT supervisor for commercial banks in St. Vincent and the Grenadines and other ECCU member states. The FSA and ECCB coordinate on:

• Joint examination and supervisory activities.

• Information sharing and enforcement cooperation.

• Consistent application of international standards.

Financial Intelligence Unit (FIU):

St. Vincent and the Grenadines maintains a Financial Intelligence Unit that receives Suspicious Activity Reports from financial institutions and designated businesses. The FSA coordinates with the FIU on AML/CFT enforcement and investigative activities.

FATF/CFATF Engagement:

St. Vincent and the Grenadines is an active member of the Caribbean Financial Action Task Force (CFATF). The jurisdiction has undergone mutual evaluations and is committed to addressing identified deficiencies through legislative, regulatory, and supervisory enhancements.

Regulatory Powers

The FSA possesses comprehensive supervisory and enforcement authority:

Supervisory Powers:

• Licensing and Authorization: Approval of regulated entities; issuance and renewal of operating licenses.

• On-Site Examinations: Regular and ad-hoc inspections to assess compliance, capital adequacy, operational risk, and governance.

• Off-Site Supervision: Quarterly, annual, and periodic reporting requirements for ongoing oversight.

• Directive Issuance: Authority to issue supervisory directives compelling corrective action and remediation.

• Prudential Standards: Setting of capital, reserve, liquidity, and operational requirements.

Enforcement Actions:

• Administrative Penalties: Fines, restitution orders, and cease-and-desist directives.

• License Suspension or Revocation: Withdrawal of authorization for material violations or persistent non-compliance.

• Remediation Orders: Directives to cure capital deficiencies, governance failures, or AML/CFT shortcomings.

• Criminal Referral: Cases involving money laundering, fraud, or terrorist financing are referred to law enforcement and the Attorney General's Office.

• Receivership and Liquidation: Appointment of receivers for insolvent institutions to protect depositors and market stability.

Forex Broker Enforcement:

Following the implementation of mandatory licensing for forex brokers in 2023, the FSA has undertaken enforcement actions against unlicensed operators and those failing to meet regulatory standards. The FSA publishes advisories warning consumers against unregulated forex and cryptocurrency offerings.

Regulatory Role and Function

Legal Foundation

Primary Legislation:

The Financial Services Authority Act, No. 33 of 2011 provides the statutory foundation for the FSA's establishment, governance structure, and regulatory mandate.

• Financial Services Authority Act, No. 33 of 2011 — Establishes the FSA as an autonomous statutory body with authority to regulate and supervise offshore and non-bank financial services sectors.

Sector-Specific Legislation:

• International Business Company Act — Framework for offshore business companies, trusts, partnerships, and related structures.

• International Insurance Company Act — Governs offshore insurance companies, captives, and specialized insurers.

• International Banking Act — Establishes the legal basis for offshore banking operations.

• International Mutual Funds Act — Regulates mutual funds and collective investment schemes.

• International Partnership Act — Governs international partnerships and limited partnerships.

• Money Remitters Ordinance — Authorizes and supervises money transmitters and remittance operators.

Domestic Financial Services Legislation:

• Insurance Act — Regulates domestic insurance companies and intermediaries.

• Credit Unions Act — Establishes the framework for credit union operations and supervision.

• Building Societies Act — Governs building societies engaged in residential mortgage lending.

• Friendly Societies Act — Regulates friendly societies providing member protection and benefits.

• Pension Ordinance — Supervises pension funds and private retirement schemes.

Forex and Online Trading Regulation:

• Forex Broker Licensing Framework (2023) — Establishes requirements for foreign exchange brokers and online trading platforms, ending an era of regulatory permissiveness.

• AML Regulations in St. Vincent and the Grenadines (2024) — Updated AML/CFT procedures and administrative penalties for non-compliance.

• Anti-Terrorism Act (2023) — Counter-terrorist financing measures and designations.

International Compliance Framework:

• FATF AML/CFT Standards — Assessment through the Caribbean Financial Action Task Force (CFATF).

• Common Reporting Standard (CRS) — Automatic exchange of financial account information.

• FATCA — US tax reporting and compliance.

Licensing and Authorization Relevance

The Financial Services Authority (FSA) — St. Vincent and the Grenadines issues licenses across multiple financial sectors in Saint Vincent and the Grenadines:

The licensing framework requires applicants to meet capital requirements, demonstrate fitness and propriety of management, and establish adequate compliance and risk management systems.

Payments and Money Movement Relevance

The Financial Services Authority (FSA) — St. Vincent and the Grenadines has the following relevance to payments and money movement in Saint Vincent and the Grenadines:

Payment Systems Governed or Overseen

The Financial Services Authority (FSA) — St. Vincent and the Grenadines has oversight responsibilities across multiple financial sectors in Saint Vincent and the Grenadines, including payment services:

The entity regulates payment service providers, e-money issuers, and related financial intermediaries within its integrated supervisory mandate.

Relationship to Other Regulators

FATF/CFATF Membership:

St. Vincent and the Grenadines is an active member of the Caribbean Financial Action Task Force (CFATF), a FATF-style regional body. The FSA participates in:

• Mutual Evaluation Reports and follow-up assessments.

• Technical assistance and capacity-building initiatives.

• Information sharing on beneficial ownership disclosures and non-compliant entities.

Regional Cooperation (ECCU):

The FSA cooperates with financial regulators in other ECCB member states (Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, and Montserrat) on:

• Cross-border supervisory cooperation for multi-jurisdictional entities.

• Enforcement coordination and information exchange.

• Development of consistent regulatory standards across the region.

OECD and International Standards:

• OECD Exchange of Information on Request (EOIR): St. Vincent and the Grenadines has committed to OECD standards for tax information exchange.

• OECD Automatic Exchange of Information (AEOI): Participation in Common Reporting Standard (CRS) framework.

• Tax Transparency: Active engagement with OECD global tax transparency initiatives.

International Standards Compliance:

• FATF 40 Recommendations for AML/CFT and 9 Special Recommendations on terrorist financing.

• IAIS Insurance Core Principles for insurance regulation and supervision.

• Basel III prudential standards (via ECCB coordination).

• IOSCO principles for market conduct (relevant for broker regulation).

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Notes on Naming and Language