BVI FSC VG
BVI FSC VG
Trust and Corporate Services Providers’ Guide to the Prevention of ML, TF and PF
Guidance
Attachment:
tcsp_aml_cft_guidance_2023_revised.pdf
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
Intertrust Corporate Services (BVI) Limited
Enforcement Action
Enforcement Summary:
An imposed fine in the amount of $30,000.00 was levied against Intertrust Corporate Services (BVI) Limited for its contraventions of the Anti-Money Laundering Terrorist Financing Code of Practice, 2008 (the “AMLTF Code of Practice”):
a. section 20(3) of AMLTF Code of Practice (Requirement to engage in Enhanced Customer Due Diligence in relation to high-risk applicants for business, customers or transactions.)
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
The Russia (Sanctions) (Overseas Territories) (Amendment) Order, 2023
British Overseas Territories Sanctions Orders in Force / Legislative Framework
Action Date:
9 Mar 2023 - 00:00
Posting Date:
Friday, 10 March, 2023
Attachment:
the_russia_sanctions_overseas_territories_amendment_order_2023.pdf
Country/Regime:
Russia
S.I. No:
2023 No. 291
Date Laid:
Thursday, 9 March, 2023
Date Made:
Wednesday, 8 March, 2023
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
BVI FSC Newsletter: February 2023
Recent Legislation Amendments
The BVI Financial Services Commission (“the Commission”) is pleased to introduce new amendment legislation that comes into force on 1st March 2023.
Financial Services Commission (Amendment) Act, 2022
The Financial Services Commission (Amendment) Act, 2022 expands the functions of the Commission to include:
promoting financial stability within the Virgin Islands;
taking steps as necessary to grow the Virgin Islands as an internationally competitive financial service centre;
issuing disqualification orders against persons and exercising powers to suspend and withdraw approvals granted to persons approved and direct the removal of persons within licensees; and
taking steps to prevent abuse of customers...
BVI FSC VG
Insolvency (Amendment) Code of Practice, 2023
Insolvency
Attachment:
insolvency_amendment_code_of_practice_2023.pdf
S.I. No:
2023 No. 14
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
Insolvency (Amendment) Rules, 2023
Insolvency
Attachment:
insolvency_amendment_rules_2023.pdf
S.I. No:
2023 No. 6
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
Fiduciary Services Sector Report: Maintenance of Transaction Records
Publications
Attachment:
fiduciary_sector_report_maintenance_of_transaction_records.pdf
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
Financial Services (Fees) (Amendment) Regulations, 2023, and Virtual Assets Service Providers Act, 2022 New Fee Updates
The BVI Financial Services Commission introduces the Financial Services (Fees) (Amendment) Regulations, 2023 (the “Regulations”), gazetted on January 25, 2023 and scheduled to come into force on April 1, 2023. Of particular notice, the Schedules also contain provisions in Item No. xi relating to the Virtual Assets Services Providers Act, 2022, put into effect on February 1, 2023. The Regulations entirely repeal and replace the Schedule of regulatory fees.
Registered agents and all applicants must ensure that proper fees are submitted following the Regulations update. The new Schedule of Fee Changes is outlined here.
This news item was originally published by the British...
BVI FSC VG
Financial Services (Fees) (Amendment) Regulations, 2023
Governance
Attachment:
financial_services_fees_amendment_regulations_2023.pdf
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
Guidance on Application for Registration of a Virtual Assets Service Provider
Guidance
Attachment:
guidance_-_application_for_vasp_registration.pdf
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
Virtual Assets Service Providers Guide to the Prevention of Money Laundering, Terrorist Financing and Proliferation Financing
Guidance
Attachment:
vasp_aml_cft_guidance.pdf
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.
BVI FSC VG
The Virtual Assets Service Providers Act, 2022
The Financial Services Commission (“the Commission”) is pleased to introduce the Virtual Assets Service Providers Act, 2022 (“the VASP Act”), which comes into effect on 1st February 2023.
The VASP Act creates the legal framework for the registration and supervision of Virtual Assets Service Providers (VASPs) operating in and from within the Virgin Islands. Through the provisions of the VASP Act, the Commission is established as the competent authority for the supervision of persons engaging in any virtual assets service.
The VASP Act describes the activities that require registration through the definitions of key terms such as virtual assets, virtual assets service...
Regulator Information
Regulator Name: British Virgin Islands Financial Services Commission
Abbreviation: BVI FSC
Jurisdiction: British Virgin Islands
Website: https://www.bvifsc.vg/
Email: [email protected]
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