Here is the rewritten article in markdown format:

Compliance Training for Financial Professionals in British Virgin Islands Takes a New Turn

The Financial Services Commission Act 2001 has been amended to allow corporate entities to provide compliance function services to financial services licensees in the British Virgin Islands, marking a significant shift towards modernizing the industry’s approach to compliance.

Revised Law Allows Corporate Entities to Provide Compliance Function Services

Under the revised law, the Financial Services Commission (FSC) may approve a body corporate to undertake compliance duties on behalf of licensees, subject to certain conditions. Licensees seeking to engage such services must submit a written application identifying a senior officer who will oversee the compliance function and obtain FSC approval for that individual.

Streamlined Process for Approving Providers

The change is expected to streamline the process for approving providers of compliance function services, setting industry standards for corporate entities offering these services. The revised regulations also introduce new requirements for corporate entities seeking approval, including:

• Being physically resident in the BVI
• Having a sufficient number of employees with no absences exceeding 90 days
• Providing written undertakings regarding employee deployment

Harneys’ Regulatory Team Assists with Compliance

To ensure compliance with the new regulations, Harneys’ regulatory team is well-equipped to assist corporate entities and individuals with:

• Advising on obligations under financial services legislation
• Preparing applications for approval to provide compliance function services
• Developing business plans to meet the revised requirements

If you require assistance navigating these changes, please do not hesitate to reach out to our team of experts.