Regulatory Alerts2025-01-24
Added · Updated
Financial Services (Fees) (Amendment) Regulations, 2025
These Regulations amend the Financial Services (Fees) Regulations, 2020, to update fee schedules for specific licensing approvals. A new fee of US$500 for application and US$1,000 for approval is established for licensees appointing a single individual as both Money Laundering Reporting Officer and compliance officer. Additionally, the fee for approving a director or senior officer is set at US$300 for application and US$600 for approval, while a separate US$300 application and US$600 approval fee is introduced for appointing a Money Laundering Reporting Officer without a compliance officer. These changes apply to licensees under the Financial Services Commission Act and come into force on January 2, 2025.
VIRGIN ISLANDS FINANCIAL SERVICES (FEES) (AMENDMENT) REGULATIONS, 2025 ARRANGEMENT OF REGULATIONS REGULATION
- Citation and commencement
- Schedule amended
2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2025 NO. 4 FINANCIAL SERVICES COMMISSION ACT (REVISED EDITION 2020) Financial Services (Fees) (Amendment) Regulations, 2025 [Gazetted24th January, 2025] The Cabinet, acting on the advice of the Financial Services Commission and in exercise of the powers conferred by section 62 of the Financial Services Commission Act, Revised Edition 2020, makes these Regulations: Citation and commencement
- (1) These Regulations may be cited as the Financial Services (Fees) (Amendment) Regulations, 2025. (2) These Regulations shall come into force on the 2 nd day of January,
Schedule amended 2. The Financial Services (Fees) Regulations, Revised Edition 2020, is amended in the Schedule (a) in table (a) (Financial Services Commission Act and Subsidiary Legislation made thereunder), (i) by numbering the enactment “Financial Services Commission Act, Revised Edition, 2020” as item (i); and (ii) in item (i), by inserting in its appropriate numerical order in column 3 and the related references in columns 4 and 5, the following:
3 “34(8) Application for approval of Commission of the appointment by a licensee of a person as both Money Laundering Reporting Officer and compliance officer in a single application Approval of Commission of the appointment by a licensee of a person as both Money Laundering Reporting Officer and compliance officer in a single application 500 1,000”; and (b) in table (b) (Regulatory Legislation Fees) (i) in item (i), by deleting the reference to section 19(2) in column 3 and the related references in columns 4 and 5 and substituting the following: “19(2) (a) Application for approval of a director or senior officer (b) Approval of director or senior officer 300 600”; and (ii) by inserting immediately after item (xi), the following new item: “Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (xii) Anti-money Laundering Regulations, Revised Edition 2020 13(2) 13(5) Application for approval of Commission of the appointment by a licensee of a Money Laundering Reporting Officer (if the application does not include a compliance officer in a single application for approval under section 34(8) of the Financial Services Commission Act, Revised Edition 2020) 300 600”.
4 Approval of Commission for licensee’s appointment of a Money Laundering Reporting Officer (if the approval does not include a compliance officer in a single application for approval under section 34(8) of the Financial Services Commission Act, Revised Edition 2020) Made by the Cabinet this 24th day of January, 2025. (Sgd.) Sandra Ward, Cabinet Secretary.