Registration of Supervised Entities In St Lucia

The Registration of Supervised Entities Act Affects You | St Lucia Real Estate Agents!

The government has implemented the Act for Registration of Supervised Entities in St Lucia, which has a substantial influence on numerous economic sectors. This new legislation establishes mandatory regulations for some professionals and firms, such as real estate agents, accountants, attorneys at law, precious metals or stone dealers, and automobile dealers. If you fall into any of these groups, it is critical that you get acquainted with the Act’s contents and take the appropriate steps to comply with its restrictions.

1. Registration Commences June 30, 2023: The Act mandates that all relevant entities must begin their registration process with the Financial Intelligence Agency (FIA) starting from June 30, 2023. This registration process is crucial, as it will allow the authorities to track and monitor businesses in these sectors, ensuring transparency and accountability in financial transactions.
2. Registration Deadline – September 30, 2023: As a professional or business owner in the aforementioned categories, you must complete your registration with the FIA by September 30, 2023. This deadline has been set to ensure a smooth transition and compliance with the new regulations. Failing to register within this timeframe could have serious consequences for your business.
3. Monetary Fines for Non-Compliance: The government is taking the Registration of Supervised Entities Act seriously, and non-compliance will not be taken lightly. If you fail to register your business with the FIA by the stipulated deadline, you may face monetary fines. These fines could prove to be costly for your business and tarnish your reputation in the industry.
4. Where to Find More Information: To obtain comprehensive details about the Registration of Supervised Entities Act and its requirements, please refer to our circular at https://www.slufia.com/p/registration-of-supervised-entities. This circular contains all the necessary information to help you understand the Act’s implications for your profession or business.

If you have any specific queries or require assistance with the registration process, the FIA is ready to help. You can reach out to them at 451-9073 or via email at [email protected].

Compliance with this Act will not only protect your business from potential penalties but also contribute to a more secure and regulated financial environment in the country. Stay informed, take action, and play your part in building a stronger and more responsible financial ecosystem.