Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2024

Summary

This Statutory Instrument amends the BVI Anti-Money Laundering and Terrorist Financing Code of Practice (Revised Edition 2020). It updates cross-references, tightens rules on Reporting Officer vacancies and replacements, clarifies when small entities or professionals may appoint a director or senior officer as Reporting Officer, and revises the list of policies and controls that must be independently audited.

• Cross-reference fix: Corrects a cross-reference in the Explanation to section 13 from section 34(7) to section 34(8).
• Reporting Officer vacancy notification: Section 16(3) is amended to require written notice to the Agency or Commission no later than 14 days after a Reporting Officer ceases to act, and an application for a replacement within 21 days after the vacancy arises.
• Small entity/professional Reporting Officers: Clarifies that entities with three or fewer employees, or individual professionals, may apply for a director, other senior officer, or the professional themselves to act as Reporting Officer, subject to demonstrating competence; if that person later finds they cannot perform the role, they must immediately inform the Agency or Commission.
• Section 31B renumbering: Renumbers duplicate subsection references in section 31B (existing subsection 3 becomes 4, existing subsection 4 becomes 5).
• Audit scope under section 53A: Revises section 53A(1)(a) to specify that the required independent audit function must test compliance with policies, procedures and controls under Parts II, III, VI and VII, including the compliance function, employee competency assessment, training, and an adequately resourced independent audit function.

The amendments take effect on the date the Anti-money Laundering (Amendment) Regulations, 2024 come into operation, rather than on gazettal.

Key obligations

• Notify the Agency or the Commission in writing no later than 14 days after a Reporting Officer ceases to act as such.
• Submit an application to the Agency or the Commission for appointment of a new Reporting Officer within 21 days after the date the previous Reporting Officer ceased to hold office.
• Where an entity has three or fewer employees, or a relevant person is a professional, demonstrate that the individual proposed as Reporting Officer is appropriately qualified under the AMLR before appointment.
• An individual approved as Reporting Officer in these small-entity/professional circumstances must immediately inform the Agency or Commission if they determine they cannot effectively perform the Reporting Officer functions.
• Maintain and be subject to audit on policies, procedures and controls under Parts II, III, VI and VII, including compliance function/review programme, employee competency assessment, training, and an adequately resourced independent audit function, as specified in amended section 53A(1)(a).

Applies to

relevant persons, entities regulated under the Anti-Money Laundering and Terrorist Financing Code of Practice, professionals, Reporting Officers

Deadlines

• 14 days after its Reporting Officer ceases to act: Deadline to notify the Agency or Commission in writing that a Reporting Officer has ceased to act.
• 21 days after the date the Reporting Officer ceased to hold office: Deadline to submit an application for appointment of a new Reporting Officer.
• date the Anti-money Laundering (Amendment) Regulations, 2024 comes into operation: Commencement date of this Amendment Code of Practice.

Related documents

• This document is made under Proceeds of Criminal Conduct Act (Revised Edition 2020)