Anti-money Laundering (Amendment) Regulations, 2024 (SI No. 43 of 2024)

Summary

This Statutory Instrument amends the BVI Anti-Money Laundering Regulations, 2020 by fully revoking and replacing regulation 13, which governs the appointment, approval, functions and removal of a Money Laundering Reporting Officer (MLRO). It significantly tightens the approval process for MLROs and introduces new obligations for relevant persons when an MLRO leaves office or is found unsuitable.

• Prior approval required: A relevant person may not appoint an MLRO unless it first applies for and obtains approval from the Financial Investigation Agency (for DNFBPs and certain NPOs it supervises) or from the Financial Services Commission (for persons it regulates).
• MLRO qualifications: The MLRO must be a natural person holding at least a diploma or equivalent with 3+ years relevant post-qualification experience, be fit and proper, have broad AML/CFT/PF knowledge, understand relevant BVI law, and be able to act independently.
• Assessment tools: The Agency or Commission may require documents/information, invite interviews, or subject candidates to tests to assess suitability.
• Access and functions: An approved MLRO must have access to all relevant information of the relevant person and is responsible for ensuring staff compliance with AML/CFT/PF laws, internal procedures, and acting as liaison with the Agency or Commission.
• Replacement timelines: If an MLRO ceases to hold office, the relevant person must notify the Agency or Commission within 14 days and submit an application to appoint a replacement MLRO within 21 days.
• Suspension or withdrawal: The Agency or Commission may warn, suspend or withdraw approval of an MLRO who no longer meets requirements, whose approval was obtained by fraud/misrepresentation, who has contravened relevant law, or where continued approval is against the public interest, subject to a minimum 14 day written notice and representation period; suspensions run for an initial period of up to 30 days, renewable for a further period of up to 30 days.
• Transitional provision: Persons already holding office as MLRO immediately before the amendment's commencement continue to hold office as if approved under the new regulation 13.

The amendment does not take immediate effect on gazetting; it comes into force on a date to be appointed later by the Minister via Notice in the Gazette, so relevant persons should monitor for that commencement notice.

Key obligations

• A relevant person must obtain approval from the Agency or the Commission (as applicable) before appointing a Money Laundering Reporting Officer.
• The person appointed as MLRO must meet minimum qualification, fit and proper, knowledge and independence requirements set out in regulation 13(3).
• The MLRO must be given access to all relevant information and material needed to perform statutory functions.
• If an MLRO ceases to hold office, the relevant person must notify the Agency or Commission within 14 days of the cessation.
• If an MLRO ceases to hold office, the relevant person must submit an application to appoint a replacement MLRO within 21 days of the cessation.
• The MLRO must ensure staff compliance with AML/CFT/PF laws, internal procedures and other related reporting obligations, and act as liaison with the Agency or Commission.

Applies to

relevant persons under the Anti-Money Laundering Regulations, DNFBPs supervised by the Financial Investigation Agency, NPOs supervised by the Financial Investigation Agency, persons regulated by the Financial Services Commission

Deadlines

• such date as the Minister may by Notice published in the Gazette appoint: Commencement date of the Anti-Money Laundering (Amendment) Regulations, 2024, to be fixed by later Ministerial Notice.
• no later than 14 days after the person has ceased to hold office: Relevant person must notify the Agency or Commission that its MLRO has ceased to hold office.
• within 21 days after the date the person ceased to hold office: Relevant person must submit an application for approval of a new MLRO.
• not less than 14 days written notice: Minimum notice period the Agency or Commission must give before suspending or withdrawing an MLRO's approval, to allow representations.
• initial period not exceeding 30 days, renewable for a further period not exceeding 30 days: Maximum duration of suspension of an MLRO's approval of appointment.

Related documents

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