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British Virgin Islands Financial Investigation Agency
  • Home
  • About Us
    • Our Vision
    • FIA Board
    • Vacancies
  • Analysis & Investigation
    • Functions of the AIU
    • Suspicious Activity Reports
      • Introduction to SARs
      • Preparing to File
      • How to file a SAR?
      • FAQ
    • Section 4 Notices
      • Legal Obligation
      • Enforcement
    • Documents and Forms
  • Supervision & Enforcement
    • NPO
      • What is an NPO?
      • NPO Obligations
      • Designated Persons
      • Supervision by the Agency
      • Relevant Legislation
    • DNFBPs
      • What is a DNFBP?
      • DNFBP Obligations
      • Registration
      • Supervision by the Agency
      • Relevant Legislation
    • Examinations - What are they?
    • What is money laundering?
    • What is terrorist financing?
    • What is proliferation financing?
    • Documents and Forms
      • Guidance Documents
    • Videos and Webinars
  • International Sanctions
    • Amendments to the UK and Overseas Territories Sanctions Regime Post Brexit
    • About Sanctions
    • Required Action
    • British Overseas Territories Sanctions Orders in Force/Legislative Framework
    • Applicable UK Regulations/Legislative Framework Extended to the Virgin Islands
    • Targeted Financial Sanctions Consolidated List
    • Financial Sanctions Notices
    • Maritime Sanctions Notices
    • Trade Sanctions Notices
    • United Nations Security Council Consolidated List
    • United Nations Secretariat Updates
    • UK Sanctions List
    • Sanctions by Regime
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    • Sanctions Guidance, Public Notices and Updates
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DNFBP Obligations

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The obligations placed on DNFBPs are contained within:

  • Proceeds of Criminal Conduct Act, 1997 as amended (“POCCA”)

  • Anti-Money Laundering Regulations, 2008 as amended (“AML Regulations”)

  • Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 as amended (“the AML Code”)

  • Non-Financial Business (Designated) Notice, 2008 (“DNFBP Notice”)

  • Financial Investigation Agency Act 2003, as amended (“FIA Act”)


These legislation are explained further in the Relevant Legislation section.

A summary of the main obligations is as follows:

1. A DNFBP must register with the Agency

Section 5C of the FIA Act as amended by the Financial Investigation Agency (Amendment) Act 2021 (“FIAA Act 2021”) makes it clear that all DNFBPs operating within the Territory are required to register with the Agency. As part of the registration process, persons conducting such businesses are also required to provide the Agency with details of all persons holding significant interests within the business. These persons include directors, senior officers, sole proprietors, money laundering reporting officers, shareholders and beneficial owners. For more details on registration, please click here.

Alternatively, you can also contact the Agency at:

Supervision and Enforcement Unit
Email: [email protected]
Tel: 284-852-3200


2. Establish internal systems, policies, processes, procedures, and controls

Regulation 3 of the AML Regulations and Section 11 of the AML Code stipulate that all entities including DNFBPs must establish an internal control system. This would normally take the form of a compliance manual. The DNFBP may be required to submit the manual to the Agency upon request, to ensure full compliance with the applicable legislation.


3. Effecting customer due diligence (CDD) and verification measures

Section 19 of the Code requires that an entity must conduct due diligence procedures on clients and any applicants for business. This require applies for one-off transactions as well as ongoing business relationships. For different DNFBP businesses this threshold may vary and we would ask you to refer to the AML Code and the specific guidance notes issued by the Agency for information on the thresholds which may apply to you and your business.


4. Appoint a Money Laundering Reporting Officer (MLRO)

Regulation 13 of the AML Regulations and sections 16 and 17 of the AML Code provide critical guidance on an organisation’s requirement to appointing an MLRO. The person appointed as MLRO must meet the requirements set out in the AML Regulations. The role of this individual within the organisation is important as this person would be responsible for ensuring that employees report any suspicious activities they may encounter. This person is also the sole liaison with the Agency as it relates to the filing of suspicious activity reports. All DNFBP’s are required to provide the Agency with the details of the person whom they have appointed to act as the MLRO within their organisation.


5. Reporting of suspicious transaction/activity

Regulation 15 of the AML Regulations and section 18 of the Code makes reporting a suspicion mandatory for both employees as well as the MLRO. This is crucial as it aids in the fight against money laundering and terrorist financing. All entities must ensure that they have internal policies and procedures for both employees and the MLRO to carry out their reporting obligations.


6. Institute record keeping procedures

Regulations 8 to 10 of the AML Regulations and sections 42 through to 46 of the AML Code speaks on an entities’ requirement to maintain records. It is required that all records be kept for a minimum of 5 years. An entity that fails to keep proper records commits an offence and would be liable to a fine being imposed.


7. Provide appropriate and effective training to employees

Regulation 16 of the AML Regulations and section 47 – 49 of the AML Code offers clear guidance in relation to staff training. All employees are required to receive annual anti-money laundering and countering the financing of terrorism training. Such trainings should be proportionate to the responsibilities of the employee. Penalties are enforced if such requirements are not met.

Partners

  • Government of the Virgin Islands
  • Financial Services Commission
  • Virgin Islands International Tax Authority
  • Virgin Islands Deposit Insurance Corporation
  • Egmont
  • CFATF
  • FATF

Contact Information

  • PO Box 4090, Road Town, Tortola VG1110, BRITISH VIRGIN ISLANDS
  • (284) 852-3200
  • [email protected]

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