Regulatory AlertsBanks and Trust Companies Act (Revised 2020)
The Government of The Virgin Islands issued this revised edition of the Banks and Trust Companies Act to consolidate laws governing the licensing and control of banking, trust, and company management businesses. The legislation mandates that entities obtain valid licenses from the Financial Services Commission, prohibiting unauthorized business operations and establishing specific license categories with distinct capital and operational requirements. It further imposes strict administrative obligations on licensees, including the maintenance of financial records, appointment of auditors, and notification of significant interest transfers to ensure regulatory compliance.
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