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Compliance Training for Financial Professionals in British Virgin Islands Gains Momentum
In a bid to strengthen the financial sector, industry associations in the British Virgin Islands (BVI) are coming together to offer compliance training to professionals.
A Coalition of Industry Associations
The BVI Association of Professional Accountants (APA), Restructuring and Insolvency Specialists Association (RISA), and BVI Association of Registered Agents (ARA) have formed a coalition to provide essential training to financial professionals. This initiative aims to strengthen relations, present a unified front on industry issues and developments, and make recommendations to enhance the sector’s offerings.
Focus on Compliance Training
The associations will work together to provide compliance training, focusing on:
- Regulatory Requirements: Staying up-to-date with changing regulations and ensuring adherence to industry standards.
- Risk Management: Identifying and mitigating potential risks in financial transactions.
- Best Practices: Implementing industry best practices to ensure transparency and compliance.
Importance of Compliance Training
Ryan Geluk, President of the BVI Association of Professional Accountants (APA), emphasized the importance of compliance training:
“Financial professionals need to stay updated on changing regulations and industry developments. Compliance training is crucial for maintaining a strong reputation in the financial sector.”
Brian Simpson, Official Receiver at RISA, added that the training will also cover insolvency and restructuring matters, highlighting the need for professionals to understand the complexities involved:
“It’s essential for financial professionals to have a thorough understanding of insolvency and restructuring matters. This knowledge will enable them to provide effective solutions for clients.”
Tailored Training for Registered Agents
Jason Jagessar, Chairman of the BVI Association of Registered Agents (ARA), noted that the compliance training will be tailored to meet the specific needs of registered agents:
“The training will focus on the unique requirements and challenges faced by registered agents. This will enable them to better facilitate business operations in the BVI.”
Benefits for Financial Professionals
The compliance training initiative is set to benefit financial professionals across various sectors, including accounting, finance, and law. By working together, the associations hope to enhance the reputation of the BVI as a leading international financial center while ensuring that financial transactions are conducted in a transparent and compliant manner.
Conclusion
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The compliance training initiative is an important step towards strengthening the financial sector in the British Virgin Islands. By providing essential training to financial professionals, the industry associations aim to promote transparency, compliance, and best practices throughout the sector.