Previously announced amendments to the BVI's Anti-Money
Laundering (AML) regime came into force
on 1 January 2016.
The changes update the BVI's long standing AML regime to ensure continued compliance with developing international standards on transparency and AML.
The main change is to the treatment of introductions to BVI service providers. In particular, from 1 January 2016, registered agents are required to obtain and retain certain beneficial owner information for new companies registered in the BVI even if introduced by regulated services providers in recognised jurisdictions. Transitional arrangements apply for existing companies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.