Financial Crime World

Financial Services Commission Urges Vigilance on Financial Crime Prevention in the British Virgin Islands

The British Virgin Islands Financial Services Commission (BVI FSC) has emphasized the importance of continued vigilance in preventing financial crime and promoting a safe and stable financial system. To reflect international standards on anti-money laundering (AML), countering the financing of terrorism (CFT), and combating proliferation finance (CPF), the BVI FSC recently updated its regulatory framework.

Key Updates

The following key updates have been implemented to strengthen the territory’s defenses against financial crimes:

  • Enhanced AML/CFT Guidance: The BVI FSC has issued new guidance on AML/CFT policies, strategies, and risk management for various sectors, including banking, insurance, and virtual assets.
  • Increased Transparency: Regulated entities are now required to maintain enhanced records of beneficial ownership and report suspicious transactions to the Financial Intelligence Agency (FIA).
  • Improved International Cooperation: The BVI FSC has strengthened its relationships with international partners, including the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF).

Requirements for Regulated Entities

Regulated entities in the British Virgin Islands are expected to:

Implement Effective AML/CFT Controls

  • Develop and maintain robust AML/CFT policies, procedures, and training programs.
  • Identify, assess, and mitigate money laundering, terrorist financing, and proliferation finance risks.

Conduct Regular Risk Assessments

  • File suspicious transaction reports (STRs) with the FIA.

Compliance with International Standards

The BVI FSC is committed to ensuring that the territory’s regulatory framework remains aligned with international standards. The updates are designed to enhance the effectiveness of AML/CFT measures and promote a safer financial system for all stakeholders.

For more information on the updated regulations and guidance, please visit the British Virgin Islands Financial Services Commission website at www.bvifsc.vg.