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COMPLIANCE TRAINING FOR FINANCIAL PROFESSIONALS IN THE VIRGIN ISLANDS, BRITISH: A GLOBAL EFFORT AGAINST MONEY LAUNDERING AND TERRORISM FINANCING
As a leading international finance centre, the Virgin Islands remains committed to combating money laundering (ML), terrorist financing (TF) and proliferation financing (PF) by adhering to the Financial Action Task Force’s (FATF) International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation.
The Virgin Islands’ Anti-Money Laundering and Counter-Terrorism Financing Framework
To achieve this goal, the Virgin Islands operates an Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) framework that meets all relevant international standards. The framework includes a comprehensive suite of laws and regulations, as well as several coordinating bodies that play a crucial role in the Territory’s AML/CFT architecture.
Supervision and Compliance
The BVI Financial Services Commission is responsible for ensuring compliance with the Territory’s AML/CFT systems and controls through supervision of regulated financial institutions. This includes:
- Monitoring licensees for compliance with identification and verification procedures
- Record keeping requirements
- Reporting of suspicious activities
- Internal control system requirements
- And more
Guidance and Outreach
To support its licensees in understanding their obligations, the Commission provides guidance and performs outreach to aid them in achieving the highest level of compliance with AML/CFT requirements. The Commission’s AML/CFT Policy and Strategy serve as a framework for its supervisory, enforcement, and domestic and international cooperation regimes, helping to prevent money laundering and terrorist financing.
Three-Year Strategy (2020-2022)
The Commission’s three-year strategy sets out goals in four key areas:
- Supervision
- Enforcement
- Promotion of cooperation
- Stakeholder awareness and outreach
This strategy provides a roadmap for the Commission and financial services industry participants to implement effective measures against ML, TF and PF risks inherent in the financial services sector.
Compliance Training for Financial Professionals
In the Virgin Islands, compliance training is essential for financial professionals to ensure they are equipped with the knowledge and skills necessary to detect and prevent money laundering and terrorist financing. The Commission’s guidance and outreach efforts help licensees understand their obligations and stay ahead of emerging threats in the global fight against ML, TF and PF.
By adhering to these standards and implementing effective measures, the Virgin Islands is committed to remaining a leading international finance centre while combating money laundering, terrorist financing, and proliferation financing.