Financial Services (Fees) (Amendment) Regulations, 2025

Summary

This regulation amends the BVI Financial Services (Fees) Regulations to add and revise fees payable for certain regulatory approvals, focusing on approvals of a licensee's appointment of a Money Laundering Reporting Officer (MLRO) and/or compliance officer, and approvals of directors or senior officers.

• Combined MLRO and compliance officer applications: A new fee item is added under section 34(8) of the Financial Services Commission Act for a single application seeking Commission approval of a person appointed as both MLRO and compliance officer: US$500 for the application and US$1,000 for the approval.
• Director or senior officer approvals: The existing fee entry for section 19(2) applications is replaced: US$300 for an application for approval of a director or senior officer and US$600 for the approval itself.
• Stand alone MLRO approvals under AML Regulations: A new item (xii) is added covering applications under sections 13(2) and 13(5) of the Anti-Money Laundering Regulations for approval of an MLRO appointment where it is not combined with a compliance officer appointment in a single application: US$300 for the application and US$600 for the approval.

The changes took effect on 2 January 2025 and apply to licensees making these specific regulatory applications to the Financial Services Commission going forward.

Key obligations

• Licensees must pay the prescribed fee of US$500 for an application, and US$1,000 for approval, when seeking Commission approval of a combined MLRO and compliance officer appointment under section 34(8) of the Financial Services Commission Act.
• Licensees must pay US$300 for an application, and US$600 for approval, of a director or senior officer under section 19(2) of the relevant enactment.
• Licensees must pay US$300 for an application, and US$600 for approval, when seeking approval of a standalone MLRO appointment under sections 13(2) and 13(5) of the Anti-Money Laundering Regulations, where not combined with a compliance officer appointment.

Applies to

licensees regulated under the Financial Services Commission Act

Deadlines

• 2nd day of January, 2025: Commencement date on which the amended fee schedule comes into force

Related documents

• This document is made under Financial Services Commission Act (Revised Edition 2020)