Industry Circular 4 of 2025 - Survey on Effectiveness of Guidance Documents

Survey on Effectiveness of Guidance Documents

Road Town, Tortola, British Virgin Islands — The Financial Services Commission (the Commission) and the Financial Investigation Agency (the FIA) recognise the importance of issuing guidance documents to their supervised entities to ensure continued improvement in AML/CFT/CPF compliance, best practices, and industry standards.

As part of our ongoing efforts, the Commission and FIA are conducting a survey to assess the impact of issued guidance documents. This survey aims to:

a)    Evaluate whether the guidance documents have been useful in improving understanding of key compliance and regulatory areas;

b)    Determine the level of awareness of the guidance documents among industry participants;

c)    Identify any improvements or changes organisations have made to their processes as a result of the guidance;

d)    Collect feedback on staff training and other implementation activities linked to the guidance documents.

Submission Deadline:
The deadline for submission of survey responses is Friday, 14 February 2025. Respondents from all Financial Institutions and Designated Non-Financial Businesses, and Professionals are encouraged to submit contributions by the Deadline to ensure their feedback is counted.

How to Participate:
The survey is available via the following link. Responses should be submitted electronically using the survey tool.

Respondents are kindly asked to identify the sectors they represent to allow for the appropriate segregation and analysis of the data.

Use of Data:
All responses will be used solely for the purpose of evaluating the effectiveness of the guidance documents and identifying areas for improvement.

Queries:
Any questions or concerns regarding this Circular or the survey can be directed to the Commission’s External Relations Unit via email at [email protected].

We value your cooperation and look forward to your contributions to this important initiative.