Regulatory Alerts2024-09-06
Anti-Money Laundering (Amendment) Regulations, 2024
The Cabinet of the Virgin Islands has issued the Anti-Money Laundering (Amendment) Regulations, 2024 to overhaul the appointment and oversight of Money Laundering Reporting Officers under the Proceeds of Criminal Conduct Act. The amended regulation mandates that regulated entities and designated non-financial businesses obtain prior regulatory approval from either the Financial Investigation Agency or the Financial Services Commission before appointing a senior officer who meets strict educational, experiential, and integrity standards. It further codifies the officer’s duties regarding compliance supervision and regulatory liaison, while establishing clear timelines for notifying regulators of vacancies and procedures for suspending or revoking approval if standards are no longer met.