Compliance Officer &

Money Laundering
Reporting Officer

All individuals and businesses that conduct regulated/licensed financial services within the BVI must appoint a compliance officer (FSC-approved unless exempted from the requirement) responsible for ensuring that the business he/she represents complies with the Territory’s regulatory laws, rules and regulations. Each compliance officer is required to establish and maintain a manual of compliance procedures and acts as the primary liaison between their businesses and the Commission.

Examples of reporting requirements include but are not limited to: reporting of serious compliance breach to the BVI FSC; reporting unresolved complaints that are greater than 3 months and the filing of periodic reports.

In addition, each licensed BVI entity has the obligation to establish and maintain systems and controls designed to mitigate the risk of the business being used to further financial crime as required by Code and Regulations. The appointed MLRO has access to all resources and information of the Company and its Clients to enable the identification, assessment, monitoring and management of money laundering risks.

Walter Reich, Peter Van Zoost (member of the BVI Association of Compliance Officers), Alessandro Palladino (holder of ICA Advanced Certificate in Compliance) and Simon Hiemstra (holder of FSI Intro to Compliance : BVI Jurisdiction course certificate) keep up to date with developments and changes in the regulatory regime and as BVI FSC approved Compliance Officer and MLRO for a select group of clients. Services in this area include but are not limited to the following (as relevant):

  • Assistance in drafting, adopting, reviewing and maintaining documented policies and manuals, consistent with the Code of Practice and AML/CFT legislative regime (which consists of various legislations as applicable) including:
    1. Financial Services Commission Act, 2001 (the “FSC Act”);
    2. Securities and Investment Business Act, 2010 (the “SIBA”);
    3. Investment Business (Approved Managers) Regulations, 2012 (the “AM Regulations”)
    4. Anti-Money Laundering and Terrorism Financing Code of Practice, 2008 (the “Code”);
    5. V. Anti-Money Laundering Regulations, 2008 (the “AML Regulations”);

    and any related and relevant legislation to prevent money laundering and terrorist financing.

  • Assistance in the area of risk assessment for senior management consideration, approval and guidance.
  • Help establish and maintain an independent audit function that is adequately resourced to test compliance, including sample testing, of its written system of internal controls and other provisions of the AML Regulations and AMLCFT Code of Practice.
  • Ensure that (i) the effectiveness of its internal control system is monitored on an ongoing basis and (ii) regulatory reports on the effectiveness of its internal control systems are made to the board of directors and (iii) any deficiencies identified in the internal control system are corrected as soon as reasonably practicable.
  • Monitoring rule changes, changes in relevant legal requirements and other regulatory developments which may impact the Company and advising the Directors on their implications.
  • Carrying out investigations or ad hoc reviews at the request of the directors.
  • Providing annual training on regulatory matters to all relevant employees/officers and all directors of the Company and overseeing all training and competence requirements of the Company.
  • Coordinating with directors where the Company has received a request for information from the BVI FSC/FIA or Overseas Competent Authority.
  • Coordinating the team and preparation of required response to the BVI FSC during periodic inspections.