Regulatory AlertsFinancing and Money Services Act (Revised 2020)
The Government of The Virgin Islands issued this revised legislation to regulate and supervise persons carrying on financing and money services businesses. The Act mandates licensing for such activities, establishing specific classes of licenses and requiring licensees to maintain financial soundness, adequate capital resources, and strict corporate governance standards. It further empowers the Financial Services Commission to enforce compliance through supervisory provisions, audit requirements, and penalties for unauthorized operations or misleading representations.
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