Form A - Application for Approval of Directors, Compliance Officers, Money Laundering Reporting Officers and Senior Officers (Revised 2024)

Summary

Form A is the BVI Financial Services Commission's standard application form used by a regulated entity to seek Commission approval of an individual proposed to act as a director, senior officer, compliance officer, and/or money laundering reporting officer (MLRO). It collects the applicant's personal, employment, education and fitness-and-propriety details, and must be submitted by the regulated entity itself rather than by the individual.

• Who submits: The regulated person (licensee), not the prospective appointee, must file the application, including where the entity is itself awaiting licensing or authorisation.
• Content required: Applicant identification, address history, position sought, relationship to the regulated entity (shareholding, voting power), other directorships, education, professional memberships, seven years of employment history, and a fitness and propriety questionnaire (criminal record, bankruptcy, disciplinary history, prior refusals, etc.).
• Supporting documents: A checklist of required attachments including certified qualifications, CV, job description, organisational chart, notarised ID, professional/financial/personal references, and certifications of absence of criminal record, dishonesty or bankruptcy.
• Police report: A police report valid for not more than six months from its date of issue must be submitted for every proposed director, compliance officer, MLRO or senior officer; where unavailable, detailed written information on any criminal record must be provided instead.
• Fees: A non-refundable fee of $300 applies to director or senior officer applications and to a single or group compliance officer/MLRO application; a combined compliance officer and MLRO application requires a $500 non-refundable fee. A separate approval fee is payable once the Commission approves the application.
• Declarations: Both the individual applicant and the regulated entity must sign declarations affirming the accuracy of the information and authenticity of documents, acknowledging that false or misleading information may result in denial of the application (and future applications) or enforcement action.

The Commission may request additional information for completeness or verification, and the form notes that failure to provide accurate information can lead to refusal or enforcement consequences.

Key obligations

• The regulated entity, not the individual, must submit Form A to obtain Commission approval before a person acts as director, senior officer, compliance officer or MLRO.
• Submit a police report valid for not more than six months from its date of issue for every person proposed for approval, or provide detailed written information on any existing criminal record if a report cannot be obtained.
• Pay a non-refundable application fee of $300 for a director or senior officer application, or $300 for a compliance officer/MLRO application (single or group), or $500 for a combined compliance officer and MLRO application.
• Pay an approval fee upon the Commission's approval of the application, in accordance with applicable fee instruments or Commission directives.
• Complete Section 10 (fitness and propriety) personally by the individual proposed for appointment.
• Where applying on behalf of a group of companies under common ownership for a single compliance officer/MLRO application, each regulated person in the group must complete Sections 1, 2, 5 and 13.
• Provide full written details as an attachment for any 'Yes' answer given in the fitness and propriety section.
• Both the applicant and the regulated entity must sign declarations certifying the accuracy and authenticity of the information and documents submitted.

Applies to

regulated persons/entities licensed by the BVI FSC, directors, senior officers, compliance officers, money laundering reporting officers

Deadlines

• not more than six months from date of issue: Validity period required for the police report submitted with the application for each proposed director, compliance officer, MLRO or senior officer.