BVI FSC VG

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.

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.

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.

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...

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.

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.

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.

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...

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.

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.

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.

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...