Financial Crime World

Compliance Officer Responsibilities in British Virgin Islands

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The British Virgin Islands (BVI) is a financial hub with a thriving economy, making it essential for companies to comply with relevant laws and regulations. As such, compliance officers play a crucial role in ensuring that organizations operate within the bounds of the law.

Key Regulations Compliance Officers Should be Familiar With

SI No 69 of 2019 - Regulatory (Amendment) Code, 2019

This code amends several existing regulations to enhance regulatory oversight. Compliance officers must ensure their organization is compliant with its requirements.

Financial Services (Securities and Investment Business Fees) Regulations

These regulations set out fees payable by licensees for the provision of securities and investment business services. Compliance officers must ensure that their organization pays these fees on time and in accordance with the regulations.

FSC (Fees) Regulations

These regulations set out fees payable by entities regulated by the Financial Services Commission. Compliance officers must ensure that their organization is aware of these fees and complies with the payment requirements.

Anti-Money Laundering and Terrorist Financing Legislation

Compliance officers must also be familiar with anti-money laundering and terrorist financing legislation, including:

  • Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2015: This code amends existing codes of practice to enhance anti-money laundering and terrorist financing controls. Compliance officers must ensure that their organization is in compliance with these codes.
  • Mutual Legal Assistance (Amendment) Act, 2015: This act amends the Mutual Legal Assistance Act to provide for mutual legal assistance between countries in criminal matters. Compliance officers must ensure that their organization complies with this act and any related regulations.

Additional Codes of Practice

Compliance officers should also be aware of:

  • Anti-Money Laundering and Terrorist Financing Code of Practice 2008: This code sets out guidelines for anti-money laundering and terrorist financing controls.
  • UK Bribery Act 2010 Guidance: Compliance officers must familiarize themselves with the UK Bribery Act 2010 Guidance to ensure their organization is compliant.

Conclusion

Compliance officers in the British Virgin Islands have a wide range of responsibilities, including ensuring that companies comply with various pieces of legislation and regulations. By staying up-to-date on these requirements, compliance officers can help ensure that businesses operating within the territory are compliant and avoid potential penalties or fines.