BVI Anti-money Laundering Regulations (Consolidated 15th August 2018)

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BVI Anti-money Laundering Regulations (Consolidated 15th August 2018)

VIRGIN ISLANDS
ANTI-MONEY LAUNDERING REGULATIONS
[Consolidated by the Financial Services Commission]1
ARRANGEMENT OF REGULATIONS
Regulation
1. Citation and commencement.
2. Interpretation.
3. General requirements.
4. Identification procedures in relation to new and continuing business
relationships.
5. Establishing and maintaining verification procedures.
6. Exceptions to identification procedures.
7. Reliance on third parties.
7A. Third party business relationship agreement.
7B. Obligation to test business relationship.
8. Establishing and maintaining record of verification of identity.
9. Maintaining record of transactions and reports.
10. Limitation period for retention of records.
11. Format and retrieval of records.
12. Maintaining register of money laundering reports and inquiries.
13. Duty to appoint Money Laundering Reporting Officer.
14. Due diligence audit.
15. Establishment of procedures in relation to suspicious transactions.
16. Staff training.
17. Offences and penalties.
18. Revocation of S.I. No. 48 of 1999