BVIaml-cftregulatory-textVerified 2026-07-31

BVI AML/CFT Code of Practice — 2024 amendment selected excerpts

Working briefRegulatory text

Applies to

Entities, professionals and financial groups subject to the BVI AML/CFT Code

Owner

Entity or professional, Reporting Officer and senior management

Effect / trigger

15 October 2024 (appointed by S.I. No. 47 of 2024)

Evidence

Cessation notice, replacement application, appointment approval and group compliance-audit records

Legal effect

Current

Site review

Draft / under review

Source version / verified

S.I. No. 45 of 2024; gazetted 2024-09-10 · Verified 2026-07-31

Read with the principal Code and every amendment

This page covers only the changes made by S.I. No. 45 of 2024; it does not reconstruct the complete current text produced by applying the 2022, 2023 and 2024 amendments to the Revised 2020 Code. The amendment took effect on 15 October 2024 under the official S.I. No. 47 of 2024 commencement notice; apply it only after checking the principal Code, the AML Regulations and every subsequent amendment.

Primary source

Source document overview

This instrument amends the Anti-Money Laundering and Terrorist Financing Code of Practice, Revised Edition 2020 in relation to Reporting Officers and group-wide AML/CFT/CPF controls, and also corrects a cross-reference and subsection numbering. It adds a 14-day written-notification period after a Reporting Officer ceases to act and a 21-day period to apply for a replacement, permits a qualifying dual-role appointment for an entity with no more than three employees or for a professional, and requires immediate notice when the approved person cannot perform effectively. It also refreshes the controls required in a financial group's programme, expressly addressing compliance, employee fitness, training and a sufficiently resourced independent audit function.

Authority

British Virgin Islands Financial Services Commission (BVI FSC)

Legal level

Subsidiary legislation / regulatory-code amendment

Translation scope

Key short excerpts from sections 3(d)–(e), 4 and 6

Rights status

Permission required

Editorial translation / 非官方译文

The Chinese text below is an unofficial editorial translation for learning and research. If it differs from the official English text, the English text prevails. Verify the current primary source before relying on it.

Regulatory passage

Section 3(d), amendment to principal Code section 16(3) / 第3(d)条：修订主守则第16(3)条#

SourceBVI-AML-CFT-CODE-AMEND-2024

English original

“… no later than 14 days …”

Editorial Chinese translation

“……不迟于14日……”

Translation note

An entity or professional must notify the Agency or Commission in writing within this period after its Reporting Officer ceases to act.

Regulatory passage

Section 3(e), amendment to principal Code section 16(3) / 第3(e)条：修订主守则第16(3)条#

SourceBVI-AML-CFT-CODE-AMEND-2024

English original

“… within 21 days …”

Editorial Chinese translation

“……在21日内……”

Translation note

The replacement appointment application must be submitted within this period after the former Reporting Officer ceased to hold office, following the AML Regulations.

Regulatory passage

Section 4, replacement Explanation paragraph (viii) to principal Code section 16 / 第4条：替换主守则第16条解释第(viii)段#

SourceBVI-AML-CFT-CODE-AMEND-2024

English original

“… appropriately qualified …”

Editorial Chinese translation

“……具备适当资格……”

Translation note

An entity with no more than three employees, or a professional, may seek approval for an eligible director, senior officer or the professional to serve as Reporting Officer, but must demonstrate the required qualification and effective capacity.

Regulatory passage

Section 4, replacement Explanation paragraph (viii) to principal Code section 16 / 第4条：替换主守则第16条解释第(viii)段#

SourceBVI-AML-CFT-CODE-AMEND-2024

English original

“… must immediately inform the Agency or Commission …”

Editorial Chinese translation

“……必须立即通知金融调查局或委员会……”

Translation note

An approved dual-role Reporting Officer who concludes that the statutory functions cannot be performed effectively must report immediately; the supervisor may require another appointment.

Regulatory passage

Section 6, replacement principal Code section 53A(1)(a)(iv) / 第6条：替换主守则第53A(1)(a)(iv)条#

SourceBVI-AML-CFT-CODE-AMEND-2024

English original

“… an independent audit function …”

Editorial Chinese translation

“……独立审计职能……”

Translation note

The amended group-wide controls list requires this function to be adequately resourced to test compliance, alongside compliance, employee-vetting and training measures.

For learning and research only. This material is not legal, tax, investment or compliance advice. Confirm current primary sources and obtain professional advice for specific facts.