Snapshot: BVI AML/CFT Returns

• Published date: 28 March 2024
• Subject Matter: Finance and Banking, Corporate/Commercial Law, Insurance, Government, Public Sector, Financial Services, Corporate Governance, Insurance Laws and Products, Money Laundering
• 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 the Insolvency Act, 2003

- Section 9 (2) of the Financing and Money Services, 2010

(iv) a person holding a licence issued by the BVI FSC as an insurance manager or insurance intermediary pursuant to section 40 (2) of the Insurance Act, 2008

Do BVI funds have to file an AML/CFT Return?

No, BVI funds do not have to file an AML/CFT Return.

When is the AML/CFT due to be filed?

The AML/CFT Return has to be filed annually with the BVI FSC by 31 March in each year.

What period does an AML/CFT Return cover?

The AML/CFT Return covers the period from 1 January to 31 December in the calendar year prior to the filing date.

How is the AML/CFT Return filed?

The AML/CFT Return has to be filed by a Licensee on the BVI FSC's dedicated portal. Visit the portal: BVI FSC - VIRRGIN Returns.

Prior to filing, if not already registered, a Licensee needs to register on the portal as a new user. This is the FSC user guide, which includes a step-by-step guide on how to file an AML/CFT Return.

Is it possible to obtain an extension to the filing date?

Yes, a Licensee can apply to the BVI FSC for a 30 day extension for the filing of the AML/CFT Return.

An extension application must be made in writing to the BVI FSC at least seven...