Regulatory AlertsBanks and Trust Companies (No. 2) Regulations (Revised 2020)
The Virgin Islands regulatory authority issued the Banks and Trust Companies (No. 2) Regulations to govern the use of restricted words by non-licensees. These regulations mandate that applicants submit a sworn affidavit from a director or authorized officer alongside their application for restricted word usage. The affidavit must verify the applicant's ownership structure, confirm no intent to conduct banking or trust business, and establish a commitment to notify authorities immediately if such intentions change.
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