Compliance Testing and Auditing: A Critical Focus for BVI Financial Service Providers
As the British Virgin Islands (BVI) continues to recover from the devastating effects of Hurricane Irma, local professional service providers are facing significant challenges in maintaining regulatory compliance with anti-money laundering (AML) and countering the financing of terrorism (CTF) guidelines. In this heightened environment, it is crucial for BVI financial service providers to prioritize AML/CTF testing and auditing to ensure their compliance with regulations.
The Importance of Compliance
In light of the EU’s decision to place the BVI on the “Grey List” and the upcoming Caribbean Financial Action Task Force visit in late 2018, the BVI Financial Services Commission (BVI FSC) is expected to conduct more onsite inspections and scrutinize regulated licensees. This increased regulatory focus underscores the need for BVI financial service providers to have robust AML/CTF systems in place.
Mitigating Risks with Expert Auditing
To mitigate risks and avoid adverse findings during a regulatory inspection, it is essential for BVI financial service providers to engage with experienced auditors who can assist with AML/CTF testing and auditing. KPMG BVI, a leading audit firm in the region, offers specialized services designed to help BVI financial service providers navigate this complex regulatory landscape.
Expertise You Can Trust
“Our team of experts has a deep understanding of the local BVI regulatory requirements, including the expectations of the BVI FSC,” said Jacques Roux, Managing Director at KPMG BVI. “We are committed to helping our clients improve their business and comply with AML/CTF guidelines.”
Services Offered
KPMG BVI’s AML/CTF testing and auditing services include:
- Drafting updated business risk assessments
- Updating policies and procedures
- Developing remediation roadmaps
- Training MLROs and staff
- Providing ad-hoc advice and assistance
Our structured approach has been developed based on our experience working with leading financial institutions and service providers in the BVI and elsewhere.
Conclusion
In this challenging regulatory environment, it is crucial for BVI financial service providers to work with experienced auditors who can help them navigate AML/CTF compliance requirements. KPMG BVI is committed to supporting its clients’ business needs while ensuring their regulatory compliance.