Thursday 24th October, 2019

“Securing your Financial Future”

Our parent company, The Bank of Nevis Limited (BON), was founded in 1985, just two years after St Kitts and Nevis were granted independence and was the brainchild of Dr Simeon Daniel, the first Premier of Nevis.  BON was created from an altruistic desire to provide banking services to the local community and to assist with the development of Nevis’ economy.

“Securing your Financial Future” was always central to the BON Group’s philosophy when dealing with local clientele and this aspiration has been inculcated into BONI   in our dealings with our international clients and fiduciaries.

In cultivating wealth management relationships, we adhere to the following timeless principles:

  • Reputation: We will not transact with any client in a manner likely to damage our reputation or that of our clients, shareholders, staff or Nevis as an International Financial Centre.
  • Integrity: In Nevis we will comply with the relative Codes of Conduct governing cooperation with judicial and regulatory authorities, the exercise of due diligence and maintaining confidentiality.
  • Relationships: We recognise that wealth management is a bespoke service in which client relationship management is a major differentiator. We will strive to exceed client expectations in our pursuit of professional excellence.
  • Confidentiality: We will preserve and maintain client confidentiality except where disclosure is required or permitted by law or the client has given prior written consent.
  • Employees: We will continue to create an environment in which our staff is given every support to optimise their personal and professional goals and aspirations.

Wealth Management Offering

We are pleased to advise that in November 2014 the Minister of Finance, Nevis Island Administration, approved our application for licensing as a Management Company in Nevis, enabling us to act as a Registered Agent for the incorporation of International Business Companies, Limited Liability Companies and Trusts.

Building on our experience acquired from developing banking relationships, allied with our newly acquired Management Company capabilities,  BONI is committed to providing a more integrated wealth management offering to existing and prospective clients comprising:

  1. Trust and corporate administrative services
  2. Investment management
  3. Services to High Net Worth Individuals applying for St Kitts and Nevis Passports under the Citizenship by Investment Programme.

 

 Opening Bank Accounts

  1. Client Controlled Accounts
  2. Approved Intermediary Controlled Accounts

Banking is based on trust: “the firm belief in the reliability, truth or ability of someone or something.”

We will use our best endeavours to ensure that your trust in establishing a banking relationship with us is not betrayed.

BONI facilitates the opening of accounts for clients under two main arrangements:

1. Client Controlled Bank Accounts

We willingly accept applications from local and international intermediaries for the opening of accounts in the name of entities such as International Business Companies and Limited Liability Companies, or in the name of private individuals, where such accounts will be controlled by the beneficial owner.

We also accept applications directly from private individuals seeking to open accounts to be controlled by them.

Application forms can be downloaded by clicking here:

Personal

Corporate

The due diligence and source of funds checks that we are obliged by law to undertake when opening accounts take much longer to complete for those prospective clients making direct application to us, compared with intermediary introduced applications.

For those prospective clients who are classified as US Persons for the purposes of the Foreign Account Tax Compliance Act (FATCA) passed in the US in 2010, we are required to obtain a completed W-9 Form and their US Tax Information Number.

2. Approved Intermediary Controlled Accounts

Many of the intermediaries introducing business to us are regulated international fiduciaries who act as trustees and/or provide corporate management services to their clients. Invariably, these services include powers to operate bank accounts, all for the benefit of the clients.

The Anti-Money Laundering Regulations of St. Kitts and Nevis enable us to open bank accounts on behalf of clients of fiduciary intermediaries with a reduced level of due diligence provided such accounts will be controlled by the intermediary and that such intermediary is a regulated entity in a jurisdiction that is considered to have “equivalency” with St. Kitts and Nevis relative to Anti Money Laundering and KYC Regulations.

With a view to expanding our client base but not compromising our risk based approach, we have introduced our Approved Intermediary Programme, specifically to meet the needs of intermediaries providing fiduciary services, including management of clients’ bank accounts.

The main features of the Approved Intermediary Programme are:

  1. We develop a detailed understanding of our respective business philosophies and the banking needs of the Intermediary’s clients;
  2. We develop a detailed appreciation of each other’s Compliance Standards and AML/KYC practices and procedures when establishing “equivalency”;
  3. We enter into a formal agreement which allows us to open new accounts on the basis of essential documentation only being provided to us, but which also entitles us to call for full due diligence at any time to satisfy our AML Regulations;
  4. The Intermediary is required to undertake full due diligence on the Beneficial Ownership of all new accounts referred to us; and
  5. We maintain a proactive open dialogue regarding ways and means of better servicing the Intermediary’s needs.

The main benefits of the Approved Intermediary Programme are:

  1. A concise account application process supported by essential due diligence documentation;
  2. A fast track approach to the review of applications and the opening of accounts;
  3. Designated client relations officers and alternates ensuring continuity of approach to relationship management;
  4. Customised Operations Manual incorporating Service Level Deliverables, including a competitive Tariff; and
  5. A long lasting, mutually rewarding and trusted partnership arrangement.