Regulatory Alerts2023-03-01
Anti-Money Laundering (Amendment) Regulations, 2023
The Cabinet of the Virgin Islands issued these regulations to amend the Anti-Money Laundering Regulations of the Revised Edition 2020 under the Proceeds of Criminal Conduct Act. The amendments revise definitions of control and relevant business, establish specific monetary thresholds for wire transfers, and mandate notification to the Agency. Additionally, the regulations update compliance requirements by substituting the text regarding relevant persons' internal control systems and procedures.
VIRGIN ISLANDS ANTI-MONEY LAUNDERING (AMENDMENT) REGULATIONS, 2023 ARRANGEMENT OF REGULATIONS REGULATION
- Citation and commencement
- Regulation 2 amended
- Regulation 6 amended
- Regulation 13 amended
- Regulation 16 amended
2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2023 NO. 17 PROCEEDS OF CRIMINAL CONDUCT ACT (REVISED EDITION 2020) Anti-money Laundering (Amendment) Regulations, 2023 [Gazetted 1 st March, 2023] The Cabinet, in exercise of the powers conferred by section 41 of the Proceeds of Criminal Conduct Act, Revised Edition 2020, and with the advice of the Financial Services Commission, makes these Regulations: Citation and commencement
- (1) These Regulations may be cited as the Anti-money Laundering (Amendment) Regulations, 2023. (2) These Regulations shall come into force on the 8 th day of March, 2023. Regulation 2 amended
- Regulation 2 of the Anti-money Laundering Regulations, Revised Edition 2020 (herein after referred to as “the principal Regulations”), is amended in subregulation (1) (a) in the definition of “control”, by inserting before the words “without any ownership interest”, the words “with or”; and (b) in the definition of “relevant business”, by deleting from paragraph (l) thereof the words “when a transaction involves accepting a cash payment of $3,000”, and substituting the words “when a financial transaction is equal to $3,000”. Regulation 6 amended
- Regulation 6 of the principal Regulations is amended (a) in subregulation (3), by inserting after paragraph (a), the following new paragraph “(aa) in the case of wire transfers, is less than $1,000 or the equivalent in any other currency;”; and (b) in subregulation (4)(a), by inserting after subparagraph (ii), the following new subparagraph “(iia) in the case of wire transfers, $1,000 or more; or”. Regulation 13 amended
3 4. Regulation 13 of the principal Regulations is amended in subsection (1B), in paragraph (a) by inserting after the word, “notify”, the words, “the Agency and”. Regulation 16 amended 5. Regulation 16(1) of the principal Regulations is amended, by deleting paragraph (d) and substituting the following paragraph “(d) the relevant person’s compliance policies, processes and procedures, internal control systems and other requirements established pursuant to these Regulations and the Code;”. Made by the Cabinet this 1 st day of March, 2023. (Sgd.) Sandra Ward, Cabinet Secretary.