Prior regulatory approval is now required for MLRO appointments – previously it was a notification requirement that had to be submitted within 14 days of the MLRO appointment.
Firms in scope will now need to factor in...more
The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more
9/25/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Blockchain ,
British Virgin Islands ,
Compliance ,
Data Protection ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Economic Sanctions ,
Electronic Fund Transfer Act ,
FinTech ,
FSMA ,
Insurance Industry ,
Investment ,
Licenses ,
Misleading Statements ,
SIBA
Approaches and developments -
The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in...more
9/13/2023
/ AML/CFT ,
Blockchain ,
British Virgin Islands ,
Cross-Border Transactions ,
Cryptocurrency ,
Digital Assets ,
Financial Services Industry ,
FinTech ,
FSMA ,
Insuretech Sector ,
Non-Fungible Tokens (NFTs) ,
Peer-to-Peer ,
Popular ,
RegTech ,
SIBA
The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. ...more
2/20/2023
/ AML/CFT ,
Anti-Money Laundering ,
British Virgin Islands ,
BVI Business Companies ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
New Legislation ,
Recordkeeping Requirements ,
Terrorism Funding