SVG FSA measures for forex companies
The Financial Services Authority (FSA) of St. Vincent and the Grenadines (SVG) has issued a public notice geared towards registered forex companies, including new licensing measures. By introducing enhanced licensing measures, the SVG FSA aims to combat scams, end bad practices, promote market transparency, and increase the jurisdiction’s reputation as an international financial centre.
Our team at SALVUS has been in touch with the FSA of SVG and has extracted valuable clarity and insights for our clients. If you are facing any challenges with your SVG setup, kindly contact us.
The new licensing requirements have been introduced by the FSA of SVG due to the large number and frequency of complaints and allegations of fraud against Business Companies (BC) and Limited Liability Companies (LLC) that provide forex trading activities. The FSA of SVG has made it clear that with immediate effect the below new licensing requirements are applicable to all BC and LLC already providing or in pursuit of providing forex activities to clients.
New SVG FSA licensing requirements
- Any company wishing to engage in forex trading or brokerage is required to show evidence of their approved license from the jurisdictions and authorities where their business activities are to be conducted when submitting a business incorporation application to the FSA of SVG.
- Existing companies under the FSA of SVG currently providing their forex trading or brokerage services have been granted a transitional period until March 10 to provide evidence of their approved license with no filing fees.
Failure to comply with the new licensing requirements of the SVG FSA will result in a rejected application and/or sanctions against the BC and LLC as per the FSA Act.
The FSA would also like to reiterate the importance of maintaining sound AML/CFT measures along with the proper due diligence protocols when onboarding directors, shareholders and beneficial owners to newly incorporated SVG companies.
Our team at SALVUS through its communication with the FSA of SVG is ready to support you handle any challenge to your SVG setup. For more information, please contact us at email@example.com.