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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
    • Guidance and Forms
    • Sanctions Guidance, Public Notices and Updates
    • Virgin Islands Consolidated List of Domestic Designated Persons
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Designated Persons

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  • What is money laundering?
  • What is terrorist financing?
  • What is proliferation financing?
  • Documents and Forms
    • Guidance Documents
  • Videos and Webinars

Under the laws of the Territory, all NPOs operating within or from within the Territory are subject to the AML Code.

Additionally, under the laws of the Territory, all persons who may have reasonable knowledge or a reasonable suspicion that another person is engaged in money laundering or terrorist financing are required to make a Suspicious Activity Report (“SAR”), which also includes suspicious transactions, with the Agency.

This requirement extends to NPOs

As per the Code, all NPOs are required to put in place systems for the reporting of SARs to the Agency.


Designated Person to be appointed

NPOs are not required to appoint a Money Laundering Reporting Officer. However, as a means of best practice and ensuring that the NPO’s reporting requirement is complied with, all NPOs are required by the Agency to appoint a Designated Person for the purposes of carrying out the reporting function as well as to act as the NPO’s primary contact with the Agency.

The NPO’s Designated Person is responsible for ensuring that SARs are made with the Agency in a timely manner. Thus, the role of the Designated Person is therefore an important one.

To provide guidance for NPOs in determining who would be the most suitable person to appoint as the Designated Person, the Agency has set out the following criteria:

The Designated Person must:

  • be a person with sufficient seniority within the NPO;
  • know and have a clear understanding of the activities and operations of the NPO; and
  • attend, at least on an annual basis, relevant training on AML/CFT matters.

Given the importance of the role and the responsibility held, the Agency is strongly of the view that the Designated Person must be someone who is senior enough within the NPO and who has the in-depth knowledge of the operations of the NPO in order to effectively carry out the reporting function.

Additionally, in order to carry out the role effectively, it is important that the Designated Person has an understanding and knowledge of AML/CFT matters. Hence the reason why the Agency recommends that the Designated Person attends relevant training, at least on an annual basis. The Agency has chosen not to outline which training needs should be attended simply because the nature of AML/CFT is constantly evolving. It would be up to the NPO and the Designated Person to decide what is relevant training.


Appointment

Once your NPO has appointed a Designated Person, you can use the NPO Designated Person appointment form to notify the Agency of their contact details.

The form must be submitted to the Agency within 14 days of appointment.

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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Monday - Friday: 8:30a.m. - 4:30p

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