Regulatory Alerts2023-03-21
Banks and Trust Companies (Amendment) Act, 2023
The Legislature of the Virgin Islands enacted the Banks and Trust Companies (Amendment) Act, 2023 to amend the principal Act regarding licensing, definitions, and governance. The legislation updates fit and proper criteria for license applicants, expands definitions of significant interest and trust business, and restricts the appointment of directors or senior officers without prior Commission approval. These changes aim to strengthen regulatory oversight and ensure compliance with capital and management standards for banks and trust companies.
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