Regulatory Alerts2024-01-31
Memorandum of Understanding Between FSC and FIA
The British Virgin Islands Financial Services Commission and Financial Investigation Agency issued this Memorandum of Understanding to establish a formal framework for cooperation and information exchange regarding due diligence, money laundering, terrorist financing, and proliferation financing. The agreement mandates structured procedures for requesting, providing, and continuously sharing confidential information while preserving the rights of affected persons and maintaining strict confidentiality safeguards. It outlines specific protocols for emergency situations, request assessment timelines, onward information sharing, and cost allocation to support effective AML/CFT supervision and enforcement across both authorities.
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