Anti-money Laundering and Terrorist Financing Code of Practice Consolidated 2018

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Anti-money Laundering and Terrorist Financing Code of Practice Consolidated 2018

VIRGIN ISLANDS
ANTI-MONEY LAUNDERING AND TERRORIST FINANCING CODE OF
PRACTICE
[Consolidated by the Financial Services Commission]

PRELIMINARY
4. General application and exception
4A. Application to charities, etc.
5. Compliance with this Code.
PART I
DUTIES OF THE AGENCY AND THE COMMISSION
6. Financial Investigation Agency.
7. Duties of the Agency on receipt of a report.
8. Financial Services Commission.
9. Proportionate inspection actions.
10. Training of Agency and Commission staff.
PART II
ESTABLISHING INTERNAL CONTROL SYSTEMS
11. Requirement to establish an internal control system.
11A. Prohibition of misuse of technological developments.
12. Duty to carry out risk assessment.
13. Roles and duties of an entity and a professional.

14. Responsibilities of senior management.
15. Responsibilities of an employee.
16. Reporting Officer.
17. Duty of Reporting Officer to make a report to the Agency.
18. Reporting a suspicion.
PART III
EFFECTING CUSTOMER DUE DILIGENCE MEASURES
19. Requirements of customer due diligence.
20. Requirements of enhanced customer due diligence.
21. Updating customer due diligence information.
22. Politically exposed persons.
23. General verification.
24. Verification of individual.
25. Verification of legal person.
26. Where a legal person assessed as low risk.
27. Verification in respect of underlying principals.
28. Verification of trust.
29. Non-face to face business relationship.
30. Requirement for certified documentation.
31. Reliance on third parties.
31A. Contents of written agreements.
31B. Testing business relationships.
32. Requirements post-verification.
PART IV
SHELL BANKS AND CORRESPONDENT BANKING RELATIONSHIPS
33. Definitions for this Part.
34. Prohibition against shell banks, etc.
35. Restrictions on correspondent banking.
36. Payable through accounts.
PART V
WIRE TRANSFERS
37. Definitions for and application of this Part.
38. Exemptions.
39. Payment service provider of payer.
40. Payment service provider of payee.

41. Intermediary payment service provider.
PART VI
RECORD KEEPING REQUIREMENTS
42. Compliance with record keeping measures.
43. Due diligence and identity records.
44. Transaction records.
45. Minimum retention period of records.
46. Outsourcing.
PART VII
EMPLOYEE TRAINING
47. General training requirements.
48. Frequency, delivery and focus of training.
49. Vetting employees.
PART VIII
MISCELLANEOUS
50. Information exchange between public authorities.
51. Information exchange with private sector.
52. Recognised foreign jurisdictions.
53. Obligations re foreign branches, subsidiaries, etc.
54. Application of counter-measures.
55. Form of report.
56. Guidance on the types of suspicious activities or transactions.
57. Offences and penalties.
58. Revocation and transitional.