Regulatory Alerts2024-12-19
Beneficial Ownership Obligations Under the AML Regime
The Financial Services Commission and Financial Investigation Agency of the Virgin Islands have issued guidelines mandating licensees to identify, verify, and maintain accurate beneficial ownership information for all applicants and customers under the Anti-Money Laundering regime. The framework establishes a 10 percent ownership or voting rights threshold for natural persons, outlines control mechanisms across companies, partnerships, and trusts, and clarifies the treatment of nominee shareholders and complex corporate structures. Licensees must implement these measures to mitigate money laundering, terrorist financing, and proliferation risks while ensuring timely reporting to competent authorities and avoiding penalties for non-compliance.