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AML Code Enhancements and Micro Business Companies Act to provide Wider Reach - Press Release No. 1 of 2018 (20 July 2018)

Friday, 20 July, 2018


Tortola, British Virgin Islands - 20 July 2018 - Today, the British Virgin Islands Financial Services Commission highlights two new additions to the regulatory and registrations regimes in the BVI: 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 amendment to the AML Code focuses on supporting the use of digital services for customer identification and verification. This is a feature which enables the use of globally available financial technology solutions.  

To support the success of the MBC Act, the Commission has invested heavily in new technology that focuses on easy and quick registration of MBCs. The Commission’s registration system VIRRGIN has been expanded to provide a new MBC portal. 

For the first time, the Commission will make an Application Programming Interface (API) to its VIRRGIN system available to registered agents. Through the API, Registered Agents can develop mobile applications and more efficiently manage and administer MBCs. The APIs provide a means to foster innovation and leverage additional content and services.

The MBC Act is a new and innovative corporate regime with characteristics and features that are distinct from those in the BVI Business Companies Act. The MBC Act was brought into force on 5 June, 2018 and the registration regime is currently being implemented.

The amendment to the AML Code was published in the VI Gazette on 19 July and takes effect on 1 August, 2018. 

Registered Agents seeking approval to register and provide services to MBCs should complete the applicable form which can be found on the Commission’s website.

For further information, please contact:

Corporate Communications

BVI Financial Services Commission

Pasea Estate, Tortola, British Virgin Islands

Tel:     (284) 494-4190

Fax:     (284) 494-5016