Here is the rewritten article in markdown format:
Compliance Officer Job Description and Responsibilities in British Virgin Islands
As a leading international offshore law firm, Harneys advises on the laws of British Virgin Islands, Cayman Islands, Cyprus, Luxembourg, Bermuda, and Anguilla. In this guide, we will outline the responsibilities and requirements for compliance officers in British Virgin Islands.
Relevant Business and Money Laundering Reporting Officer (MLRO)
Financial institutions, funds, and other entities conducting “relevant business” in British Virgin Islands are required to appoint an MLRO under the Financial Services Commission (FSC) Regulations and Code. The MLRO is responsible for ensuring compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
Appointment of MLRO
The appointed person must be a natural individual, have access to all relevant information and material, and meet specific qualifications. These include:
- Holding a diploma with at least three years’ post-qualification experience
- Being fit and proper
- Having a broad knowledge of AML/CFT matters
- Possessing the ability to make independent decisions
Responsibilities
The MLRO is responsible for ensuring compliance by staff with relevant enactments, internal reporting procedures, and any additional reporting obligations. The MLRO will also:
- Handle reports from staff members
- Review and assess information provided
- Discuss transactions with the Financial Investigation Agency (FIA) or prepare formal reports as required
Notification Requirements
The appointment of an MLRO must be notified to the FSC and FIA within 14 days of appointment, and resignation notifications must also be made within this timeframe.
Conclusion
In summary, compliance officers in British Virgin Islands play a critical role in ensuring anti-money laundering and combating the financing of terrorism regulations are upheld. The appointed person must meet specific qualifications, have access to relevant information, and handle reports from staff members. Failure to comply with these requirements can result in severe penalties.
For more information about Harneys’ legal services, please visit harneys.com or contact us at marketing@harneys.com.