Regulatory Alerts2024-09-10
Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2024
The Financial Services Commission of the Virgin Islands issued the Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2024 to update regulatory frameworks under the Proceeds of Criminal Conduct Act. The amendments introduce strict timelines for reporting the cessation of a Reporting Officer and allow small entities or professionals to appoint senior staff as Reporting Officers if appropriately qualified. Additionally, the revision clarifies internal control requirements by expanding the scope of policies, employee training, and independent audit functions mandated under the principal Code of Practice.
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