Supervisory and Compliance Committee

During the year, the Supervisory and Compliance Committee conducted in depth reviews of the development of internal controls and analyzed the risk factors of the Nevis Co-operative Credit Union Limited to ensure that its supervisory and compliance duties were executed to the fullest. The Committee also frequently advised and notified the Board of Directors of irregular findings and made recommendations for a proactive approach to enforcing risk mitigation.

Generally, the role of the Supervisory and Compliance Committee is to: “ascertain that all actions and decisions of the Board, committees, management and staff relating of the affairs of the co-operative society are in accordance with Co-operatives Societies Act, the Regulations, the by-laws and the approved standards and policies of the co-operative society.” (Co-operatives Societies Act, 2011-31 Abstract Section (d) from 44-45.)


As we are cognizant of the challenges that lie ahead in terms of risk, employees are constantly being trained and sensitized on rules, laws and regulations relating to the Foreign Account Tax Compliance Act (FATCA), Anti-Money Laundering, Countering the Financing of Terrorism and Fraud, Common Reporting Standards (CRS), IFRS9 and other software to address compliance related matters.


In order for the committee members to carry out their duties effectively, we crave the co-operation of members when employees request additional information or simply completing a Source of Funds Declaration Form for transactions of stipulated amounts.