Financial Crime World

Financial Institution Risk Assessment in British Virgin Islands Intensifies Amid Global Scrutiny

In the aftermath of Hurricane Irma’s devastation, local professional service providers in the British Virgin Islands (BVI) are still grappling with significant challenges, including staff resourcing, office space, document recovery, and other issues. However, these difficulties can also exacerbate the risk of fraud and money laundering going unnoticed within financial services providers.

Increased Regulatory Scrutiny

As a result, regulatory bodies worldwide, including the BVI Financial Services Commission (FSC), are under increased pressure to be more vigilant in examining licensees. The FSC is expected to intensify its onsite inspections and scrutiny of regulated licensees following the European Union’s decision to place the BVI on its “Grey List” and a recent visit by the Caribbean Financial Action Task Force.

Importance of Compliance

In light of these developments, it is crucial for BVI financial institutions to ensure they are compliant with anti-money laundering (AML) and countering the financing of terrorism (CTF) guidelines. The FSC is likely to scrutinize institutions’ risk management practices, policies, and procedures to prevent financial crimes.

KPMG’s Expertise in AML/CTF

KPMG, a leading professional services firm in the BVI, has extensive experience assisting financial institutions in mitigating AML/CTF risks. The company’s experts can help clients assess their exposure to money laundering and sanctions, as well as design and implement effective risk management strategies.

Services Offered

  • Conducting desk-top reviews of policies and procedures
  • Updating business risk assessments
  • Drafting AML/CFT/Sanctions Policies and Procedures
  • Developing remediation roadmaps
  • Training MLROs and staff
  • Providing ad-hoc advice

A Proven Track Record

With a deep understanding of local regulatory requirements and a global footprint, KPMG is well-positioned to assist BVI financial institutions in navigating the complex AML/CTF landscape. The company’s structured approach has been developed based on knowledge gained from working with leading financial institutions and service providers globally.

Get in Touch

For more information about KPMG’s AML/CTF services or to discuss your specific needs, please contact Jacques Roux, Managing Director, at jacquesroux@kpmg.vg.