On 1 July 2020, the BVI Financial Services Commission released the Anti-Money Laundering and Combatting Terrorist Financing Guidelines for the Banking Sector in the BVI.
Banks are an integral part of the global financial landscape. Wrongdoers can use the banking system (both domestic and international) to launder proceeds of crime by concealing the source and ownership of money derived from criminal activities that can be considered as offences under various BVI legislation eg the Proceeds of Criminal Conduct Act 1997, the Proliferation Financing (Prohibition) Act 2009 and the wider Anti-Money Laundering regime.
The regulatory functions within banks are important as they are required to have adequate and appropriate internal controls, systems and procedures in place to effectively police any matters related to the combating of AML/CTF matters.
A link to the FSC’s guidance can be found here.