St. Kitts Nevis Anguilla National Bank bolsters due diligence mechanism

The St. Kitts Nevis Anguilla National Bank has performed significant upgrades to its due diligence mechanism to bolster existing controls to protect the interests of citizens of St. Kitts and Nevis and other stakeholders. 

This was confirmed by Prime Minister Dr. Terrance Drew, while providing updates on matters of national interest to the public, on 2nd July. 

Dr. Drew assured that extensive efforts have been made to protect the bank, the CBI programme, and the citizens of St. Kitts and Nevis.

“The National Bank is a reputable bank, and it has instituted upgraded controls to bolster the institution’s due diligence mechanism,” he stated. 

The Prime Minister also denounced attempts to discredit the St. Kitts Nevis Anguilla National Bank (SKNANB). He underscored the importance of maintaining the bank’s reputation and lauded the proactive steps taken to enhance its due diligence mechanism. 

His remarks came in response to concerns that the bank might lose its Corresponding Bank status due to a RICO (Racketeer Influenced and Corrupt Organizations Act) lawsuit filed in the US Federal Court. The lawsuit pertains to allegations of underselling in the Citizenship by Investment (CBI) programme.

Additionally, Dr. Drew mentioned that he is cautious about sharing information to avoid prejudicing the ongoing court case. He committed to maintaining public confidence in the bank and ensuring that all necessary measures are in place to safeguard the bank’s operations amidst the legal challenges.

As part of the upgraded due diligence mechanism, the Drew led administration has outlawed underselling of offerings in the Citizenship By Investment programme.

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