Appointment of Qualified Person - National Bank of the Virgin Islands (2011-09-16)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission concerning the National Bank of the Virgin Islands. Acting under section 36A(1) of the Financial Services Commission Act, 2001, the Commission required the Bank to appoint a qualified person to advise it on the proper conduct of its business and affairs.

• Enforcement basis: Section 36A(1) of the Financial Services Commission Act, 2001
• Action taken: National Bank of the Virgin Islands required to appoint a qualified person to advise on the proper conduct of its business and affairs
• Ongoing requirement: The qualified person must provide the Commission with at least monthly reports on any aspect of the Bank's business and affairs
• Reference: Matter ID BF0916/107

The notice is specific to the National Bank of the Virgin Islands and does not impose obligations on other regulated entities generally.

Key obligations

• National Bank of the Virgin Islands must appoint a qualified person to advise it on the proper conduct of its business and affairs
• The appointed qualified person must provide the Commission with, at minimum, monthly reports on any aspect of the Bank's business and affairs

Applies to

banks, National Bank of the Virgin Islands