Regulatory AlertsAnti-Money Laundering Regulations (Revised 2020)
The Virgin Islands government issued these revised regulations to establish comprehensive anti-money laundering requirements for relevant persons conducting specified financial and professional businesses. The rules mandate strict customer due diligence, including identity verification and beneficial owner identification, while defining exceptions for low-risk entities and third-party reliance. Furthermore, the regulations impose obligations for record retention, internal reporting to the Financial Investigation Agency, staff training, and the appointment of Money Laundering Reporting Officers to ensure compliance with FATF standards.
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