New Regulations for Money Services Operators in the Virgin Islands

The British Virgin Islands (BVI) Financial Services Commission has introduced new regulations for money services operators, effective immediately. These changes aim to improve transparency and accountability within the industry.

Revised Rules for Class ‘A’ Licensees

Under the revised rules, major money service providers such as banks and financial institutions, which hold a Class ‘A’ License, will be required to pay a transaction levy to the Commission on a periodic basis. This fee is designed to support the Commission’s regulatory functions and ensure that the financial sector remains stable and secure.

Stricter Reporting Requirements

The new regulations also introduce stricter reporting requirements for money services operators, aimed at enhancing transparency and preventing illicit activities.

• All Class ‘A’ Licensees will be required to submit periodic reports to the Financial Services Commission.
• The Commission has increased its monitoring and surveillance capabilities to better detect and prevent fraud and other financial crimes.

Enhanced Monitoring and Surveillance

The revised regulations come into effect immediately, and all Class ‘A’ Licensees must comply with the new requirements. According to a spokesperson for the Commission, “We are committed to ensuring that our financial sector remains robust and resilient. These new regulations will help us achieve this goal by improving transparency, accountability, and oversight of money services operators.”

Key Changes

• Periodic payment of transaction levy to the Financial Services Commission for Class ‘A’ Licensees
• Stricter reporting requirements for money services operators
• Enhanced monitoring and surveillance capabilities by the Financial Services Commission

The BVI Financial Services Commission is responsible for regulating and supervising the financial sector in the British Virgin Islands, ensuring that it operates safely, fairly, and efficiently.