Regulatory Alerts2024-09-26
Banks and Trust Companies (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the Banks and Trust Companies Act, Revised Edition 2020. The legislation expands the statutory definition of trust business to include equivalent functions for other legal arrangements. It further mandates that banking licence applicants provide the Commission with a copy of their deposit insurance policy within six months of licence issuance.
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