Regulatory Alerts2023-03-16
Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2023
The Financial Services Commission of the Virgin Islands issued this statutory instrument to amend the principal Anti-Money Laundering and Terrorist Financing Code of Practice. The amendments introduce new obligations for trustees and nominee service providers regarding beneficial ownership disclosure and enhance customer due diligence requirements for virtual asset service providers and money services businesses. Additionally, the document updates definitions, aligns references with the Proceeds of Criminal Conduct Act, and revises penalty schedules for specific regulatory breaches.
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