Snapshot: BVI AML/CFT Returns

• Published date: 28 March 2024
• Law Firm: Ogier
• Author: Ms Marie-Claire Fudge, Simon Schilder, Alexandra Jones and Monique Adams

What is an AML/CFT Return?

An AML/CFT Return refers to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Return, which is an annual reporting requirement for certain BVI regulated entities that was introduced in 2021 under the Financial Services (Prudential and Statistical Returns)(Amendment) Order 2021 (Order).

Who has to file an AML/CFT Return?

The Order requires certain BVI regulated entities, including BVI approved managers and investment business licensees, to prepare and submit an AML/CFT Return by 31 March in each calendar year.

Specifically, an AML/CFT Return has to be filed with the BVI Financial Services Commission (BVI FSC) by the following BVI regulated entities (Licensees):

(i) approved investment managers - approved by the BVI FSC pursuant to regulation 7 (1) of the Investment Business (Approved Managers) Regulations, 2012

(ii) investment business licensees - licensed by the BVI FSC pursuant to Section 6 (2) of the Securities and Investment Business Act, 2010

(iii) a person holding a licence issued by the BVI FSC pursuant to any of the following:

- Section 10 (1) of the Banks and Trust Companies Act, 1990

- Section 4 (3) of the Company Management Act, 1990

- Section 8 (2) of the Insurance Act, 2008

- Section 476 of...