The British Virgin Islands (BVI) is one of the Caribbean’s foremost financial centers and a major player in the global offshore financial services industry. Furthermore, recent regulatory changes in BVI demonstrate the jurisdiction’s proactive approach to accommodating new technologies within the financial services industry and its agile response to market trends and demands with enhanced legislation.
AML efforts keep pace with digital developments
The British Virgin Islands Financial Services Commissions (FSC) has amended its Anti-Money Laundering and Terrorist Financing Code of Practice 2008—effectively the BVI financial service industry’s rulebook for ’know your customer’ (KYC) and anti-money laundering (AML) efforts—so that its credit and financial institutions may now utilize the latest electronic innovations to expedite customer verification and enhance the crackdown on money laundering and terrorist financing.
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