Tuesday, September 28, 2010

The Commission Reminds of Deadline to Submit Applications

The British Virgin Islands Financial Services Commission reminded of approaching deadline to submit applications for money services or financing licence. The transitional period for submitting applications for money services or financing licence ends this week, on 30 September, 2010.

In the press release, the BVI FSC noted that conducting money services or financing business without a licence from 1 October 2010 will be considered an offence. The money services and financing businesses found guilty of this offence will have to pay a fine of US$60,000 for a corporate entity or US$40,000 for an individual, and/or imprisoned for three years.

The Financing and Money Services Act was passed by the House of Assembly on 26 May, 2009, and came into effect on 30 March, 2010.

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