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British Virgin Islands Fall Short in AML/KYC Compliance

FATF Evaluation Reveals Key Areas of Concern

A recent evaluation conducted by the Financial Action Task Force (FATF) has revealed that the British Virgin Islands have fallen short in meeting international standards for Anti-Money Laundering/ Know Your Customer (AML/KYC) compliance.

Methodology and Timeline

The assessment was based on the 2012 FATF Recommendations and utilized a methodology outlined in 2013. The evaluation team gathered information during an on-site visit to the islands from March 1-15, 2023.

Key Findings and Priority Actions

The findings of this critical evaluation have been thoroughly reviewed and endorsed by the FATF. Key areas of concern were identified, as well as priority actions that must be taken to address these issues. Some of the key findings include:

• Lack of effective implementation of AML/KYC regulations
• Inadequate customer due diligence procedures
• Insufficient monitoring and reporting of suspicious transactions

Recommendations for Improvement

For a detailed breakdown of the assessment’s key findings and priority actions, please refer to the Executive Summary of the report, which provides a comprehensive overview of the AML/KYC compliance checklists in place for the British Virgin Islands. The following are some recommended improvements:

• Enhance customer due diligence procedures
• Implement effective monitoring and reporting mechanisms for suspicious transactions
• Provide regular training for financial institutions on AML/KYC regulations