Industry Circular 2 of 2025 - BVI FSC Announces the Publication of its 2024 Compliance Inspection Findings

BVI FSC Announces the Publication of its 2024 Compliance Inspection Findings

Tortola, British Virgin Islands - 17 January 2025 - The BVI Financial Services Commission (the FSC) informs its regulated entities and the public of the publication of its ‘2024 Compliance Inspection Findings’ (the Report).

In April 2024, the FSC published its 2024/25 Inspection Plan setting out its priorities for AML/CFT/CPF inspections. Since then, the FSC has continuously progressed its 2024/2025 Inspection Plan through the conduct of thematic inspections in key AML/CFT/CPF areas such as Customer Due Diligence, Third-Party Relationships, and Verification of Beneficial Ownership Information. The Report has collated the overall findings and positive practices identified to allow for consideration and potential implementation of such practices by Industry Participants. 

The Report also notes a number of areas for improvement and outlines possible recommendations to improve compliance with the AML/CFT/CPF requirements in the Territory. Industry Participants are encouraged to review the Report, consider the key findings, and implement the recommendations outlined as applicable.

Managing Director/CEO of the FSC, Mr Kenneth Baker, stated: “The FSC has dedicated significant resources and expertise towards the implementation of its 2024/25 Inspection Plan. Over the course of the past few years, the FSC has issued a number of Guidance documents, and engaged in outreach to its supervised entities on compliance with AML/CFT/CPF obligations. The FSC is pleased to see that the fruits of its efforts are being borne out through an increased level of compliance, particularly by higher risk sectors such as TCSPs and IB. Furthermore, the FSC is pleased to see the high level of compliance with requirements related to CDD, particularly beneficial ownership requirements. This bodes well for the Territory’s compliance with international standards including those promulgated by the Financial Action Task Force (FATF). The FSC, whilst acknowledging the progress made by the entities it supervises, also recognised the need for some areas to be improved. In this regard, the Report makes clear recommendations to address these areas. The FSC expects to see continued increased levels of compliance thereby reducing AML/CFT/CPF risk and protecting our Territory from those who would misuse it for ML, TF, PF and other illicit purposes.”       

The Report is available here on the FSC's website.

Questions concerning this Circular may be directed to [email protected].