BVI FSC Publishes AML Code and MBC Act Amendments

The British Virgin Islands Financial Services Commission issued two new additions to the regulatory and registration regime in the jurisdiction: An amendment to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (the “AML Code”) and the Micro Business Companies Act, 2017 (the “MBC Act”).

The first one focuses on supporting the use of digital services for customer identification and verification, which provides for global financial technology solutions. The amendment to the AML Code takes effect on 1 August 2018. 

For the Micro Business Companies Act, 2017, there is a new technology that focuses on easy and quick registration of MBCs. BVI FSC expanded its registration system VIRRGIN to provide a new MBC portal. It will be available to registered agents who can develop mobile applications and more efficiently manage and administer MBCs. The MBC Act has come into effect on 5 June 2018, and the registration regime is currently implemented.