2024 Terrorist Financing Risk Assessment Survey conducted by the BVI
On 21 June 2024, the BVI Financial Services Commission (FSC) published Circular 21 advising the industry that is currently updating its Terrorist Financing (TF) Risk Assessment, originally conducted in 2020, to maintain an ongoing understanding of TF risks.
Financial services licensees are requested to participate in this important process by completing a short online survey. This survey aims to gather data that will help identify any vulnerabilities and enhance the BVI's ability to address TF risks.
All financial services licensees, including banks, financing businesses, money services businesses, insurers and insurance intermediaries, investment business licensees (including approved investment managers), trust and corporate service providers, insolvency practitioners, and virtual asset services providers, should complete the survey by 12 July 2024.
Updating this assessment will enable the BVI to identify changes in TF risks, implement effective mitigation measures, and ensure an ongoing understanding of these risks.
The Survey can be found here.
BVI FSC’s Circular 21 can be found here.
