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Financial Institutions in US Virgin Islands Must Stay Ahead of Regulatory Compliance
As financial institutions in the United States Virgin Islands (USVI) navigate the challenges posed by Hurricane Irma, they must also remain vigilant in their compliance with anti-money laundering (AML) and countering the financing of terrorism (CTF) regulations. The British Virgin Islands Financial Services Commission (BVI FSC), the USVI’s financial regulator, is expected to intensify its scrutiny of licensees following its recent blacklisting by the European Union and a visit from the Caribbean Financial Action Task Force.
Key Areas of Focus
The BVI FSC will likely focus on several key areas, including:
- Client acceptance procedures
- Ongoing due diligence processes
- Record-keeping
- Internal audit functions
- Tax risk management
- Sanction checking
Failure to comply with these regulations could result in increased scrutiny, penalties, and fines.
Staying Ahead of Regulatory Compliance
To stay ahead of the regulatory curve, financial institutions in the USVI should ensure that their AML/CTF policies and procedures are up-to-date and compliant with industry best practices. This may involve:
- Performing a desk-top review of existing policies
- Comparing them to industry requirements
- Implementing remedial steps as needed
KPMG BVI Solutions
KPMG BVI, a leading provider of AML/CTF services in the USVI, offers a range of solutions designed to help financial institutions improve their compliance posture. These include:
- Drafting updated business risk assessments
- Updating AML/CFT/Sanctions policies and procedures
- Developing remediation roadmaps
- Training MLROs and staff
- Providing ad hoc advice and assistance
Partnership with KPMG BVI
With its experienced team and deep understanding of local regulatory requirements, KPMG BVI is well-positioned to help financial institutions in the USVI navigate the complex AML/CTF landscape. By partnering with KPMG BVI, these institutions can ensure that they are not only compliant with regulations but also better equipped to manage risk and protect their reputation.
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“We understand the importance of staying ahead of regulatory compliance,” said Jacques Roux, Managing Director at KPMG BVI. “Our team is committed to helping financial institutions in the USVI improve their AML/CTF posture and reduce their risk exposure.”
Contact Us
To learn more about how KPMG BVI can help your institution stay compliant with AML/CTF regulations, please contact us today.
About KPMG BVI
KPMG BVI is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. With its experienced team and deep understanding of local regulatory requirements, KPMG BVI provides a range of AML/CTF services designed to help financial institutions in the USVI improve their compliance posture.