Regulatory Alerts2020-01-01
Added · Updated
Non-Financial Business (Designation) Notice 2020
The Virgin Islands regulator designates persons engaged in buying and selling boats, vehicles, jewellery, or other high-valued goods as entities vulnerable to money laundering and terrorist financing. This designation applies specifically when transactions involve accepting cash payments of $15,000 or more or the equivalent in any other currency. Designated entities are required to comply with the requirements of the Anti-money Laundering and Terrorist Financing Code of Practice.