Anti-money Laundering (Amendment) Regulations, 2023

Summary

This regulation amends the Anti-Money Laundering Regulations (Revised Edition 2020) made under the BVI Proceeds of Criminal Conduct Act. It tightens several definitions and thresholds used by relevant persons for customer due diligence and reporting, and adds a new notification requirement.

• Control definition: The definition of control in Regulation 2 is broadened to cover influence obtained with or without any ownership interest, not just without one.
• Relevant business threshold: The cash-payment trigger of $3,000 for relevant business is replaced with a broader test based on the value of a financial transaction equal to $3,000.
• Wire transfer thresholds: Regulation 6 is amended to add a specific wire transfer threshold: transfers under $1,000 (or currency equivalent) fall under the lower simplified treatment, while transfers of $1,000 or more trigger the higher due diligence requirement previously tied to other transaction types.
• Additional notification recipient: Regulation 13(1B)(a) now requires relevant persons to notify the Agency, in addition to the existing notification recipient, in the circumstances covered by that provision.
• Risk assessment factors: Regulation 16(1)(d) is replaced so that risk assessments must take into account the relevant person's compliance policies, processes and procedures, internal control systems, and other requirements established under the Regulations and the Code.

The amendments came into force on 8 March 2023. There is no separate transition period specified; relevant persons should apply the amended definitions and thresholds from that date.

Key obligations

• Relevant persons must apply the revised control definition, treating influence obtained with or without an ownership interest as control.
• Relevant persons must assess relevant business using the amended $3,000 financial transaction threshold rather than the prior cash-payment-only test.
• Relevant persons must apply the new wire transfer thresholds under Regulation 6, treating transfers under $1,000 differently from transfers of $1,000 or more.
• Relevant persons must notify the Agency, in addition to any other required recipient, under the circumstances specified in Regulation 13(1B)(a).
• Relevant persons must ensure risk assessments account for their compliance policies, processes and procedures, internal control systems and other requirements under the Regulations and the Code, per amended Regulation 16(1)(d).

Applies to

relevant persons under the Anti-Money Laundering Regulations

Deadlines

• 8th day of March, 2023: Commencement date of the Anti-Money Laundering (Amendment) Regulations, 2023

Related documents

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