BVI FSC AML circular: Use of e-ID verification and the need for staff training
On 26 June 2020, the BVI Financial Services Commission (FSC) issued Industry Circular No. 24 of 2020 that deals with guidance on compliance with independent ID verification and staff training during the COVID-19 pandemic.
The Circular recognises that it is challenging during the pandemic to carry out certain types of customer verification. As such, entities that are subject to the relevant standards under the AML legislation (such as licensees) can rely on the appropriate electronic and digital verification of identity. The methods used should align with the licensee’s risk assessment of clients.
Licensees should continue to give staff the necessary and appropriate training. The training being given should be documented in the training records. Where scheduled training is disrupted or cancelled this should be set out in in the training records with appropriate reasons given.
A copy of the Circular can be found here.