Regulatory Alerts2022-08-19
Anti-money Laundering (Amendment) Regulations, 2022
The Cabinet of the Virgin Islands issued these regulations to amend the principal Anti-money Laundering Regulations, introducing comprehensive definitions for virtual assets and beneficial ownership. The amendments expand the scope of relevant businesses to include virtual asset service providers and gaming operators while establishing specific transaction thresholds for simplified due diligence measures. Additionally, the regulations update reporting officer requirements, align terminology with the Proceeds of Criminal Conduct Act, and increase the maximum penalty for offenses to $150,000.
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