On 5 December 2024, the British Virgin Islands ("BVI") gazetted the Virgin Islands Financial Services (Miscellaneous Exemptions) (Amendment) Regulations 2024, effective retrospectively from 15 October 2024. This amendment brings significant changes to the MLRO requirements for various funds and investment managers.
- Regulatory & Compliance
On 5 December 2024, the British Virgin Islands ("BVI") gazetted the Virgin Islands Financial Services (Miscellaneous Exemptions) (Amendment) Regulations 2024 which is in effect retrospectively from 15 October 2024. See our previous legal update on these new MLRO Requirements.
Private funds, professional funds, public funds, recognised foreign funds, private investment funds, incubator funds, approved funds and approved investment mangers are now exempted from applying for approval to appoint a money laundering reporting officer under regulation 13(2)(b) of the Anti-Money Laundering Regulations (As Revised).
The requirement to notify the Financial Services Commission within 14 days of the money laundering officer's appointment remains in force.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
