Regulatory AlertsBeneficial Ownership Secure Search System Act (Revised 2020)
The Government of the Virgin Islands issued this Act to establish a secure electronic search system for storing and retrieving beneficial ownership information across all corporate and legal entities. Registered agents must identify beneficial owners and registrable legal entities, maintain dedicated databases with prescribed data, and ensure timely updates to facilitate monitoring of economic substance requirements. The designated competent authority and law enforcement agencies can securely access these databases to conduct searches and exchange information under international agreements, while statutory protections safeguard registered agents from liability for good-faith disclosures.
Share