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Combating Money Laundering and Terrorism Financing in the British Virgin Islands

The British Virgin Islands (BVI) Financial Services Commission has issued guidelines for regulated sectors to combat Money Laundering (ML) and Terrorism Financing (TF). The following article outlines the key expectations across various sectors.

Common Expectations Across All Regulated Sectors

Regulated sectors in the BVI are expected to:

• Establish Institutional Risk Assessment Frameworks: Develop and maintain frameworks for risk assessment, including ML/TF risks.
• Implement Section 26(1) of the Regulatory Code: Implement policies and controls to manage significant risks, including ML/TF risks.
• Maintain Internal Controls: Ensure internal controls that allow for assessing and mitigating ML/TF risks, including written procedures for risk-based customer due-diligence.

Sector-Specific Expectations

Banking

• File Suspicious Activity Reports (SARs) in a timely manner.
• Submit statistical returns, including AML/CFT returns, accurately and on time.
• Address identified AML deficiencies, such as:
  • Verification procedures
  • CDD updates
  • Employee training
  • SAR analysis
  • Access to the Board by compliance officers and senior management

Financing Services

• Demonstrate understanding of client verification procedures.
• Submit statistical returns, including AML/CFT returns, accurately and on time.
• Train staff to identify and report suspicious activities.

Money Services

• Properly verify Business Owner (BO) information on all transactions.
• Submit statistical returns, including AML/CFT returns, accurately and on time.
• Address identified deficiencies, such as:
  • Proper risk assessments on clients
  • Execution of Enhanced Customer Due Diligence (ECDD)

Trust and Corporate Service Providers (TCSPs)

• Submit statistical returns, including AML/CFT returns, accurately and on time.
• Train staff to identify and report suspicious activities.
• Ensure third-party introducers understand their AML/CFT obligations and apply equivalent measures.

Investment Business

• Ensure entities operating outside the jurisdiction understand their AML/CFT obligations, including filing SARs.
• Authorised Representatives should take an active role in ensuring entities understand and are aware of all obligations.
• Submit statistical returns, including mutual funds returns and AML/CFT returns, accurately and on time.

Insurance Business

• Maintain adequate procedures and controls for verification and maintenance of information on BOs and legal persons.
• Submit statistical returns, including AML/CFT returns, accurately and on time.

These expectations aim to ensure that regulated sectors in the BVI have adequate policies, procedures, and internal controls in place to prevent ML/TF risks. The guidelines provide a framework for assessing risk, identifying suspicious activities, and reporting them to the relevant authorities.