About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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BVI FSC publishes educational videos enhancing compliance with proliferation financing risks
On 21 February 2025, the BVI Financial Services Commission released a series of three educational videos designed to develop understanding and bolster compliance regarding Proliferation Financing. These videos serve as a valuable resource for licensed entities seeking to enhance their risk management strategies.
25 Mar 2025
BVI Financial Services Commission releases revised Handbook on International Cooperation
On 21 February 2025, the BVI Financial Services Commission released its revised Handbook on International Co-operation and Information Exchange. This updated guide reflects the BVI’s commitment to international collaboration in tackling critical global issues, including money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
17 Mar 2025
BVI FSC and FIA release guidance on effective ongoing monitoring
On 24 January 2025, the BVI Financial Services Commission and the Financial Investigation Agency issued new guidance to enhance how financial institutions and designated non-financial businesses and professions monitor their customers.
20 Feb 2025
Q&A on the BVI’s updated Beneficial Ownership Regime
The BVI has implemented changes to its beneficial ownership framework as relevant to companies and limited partnership, with key changes effective from 2 January 2025. In this Q&A, we break down and summarise the new requirements relating to the changes, and what these mean for owners and operators of BVI entities and registered agents operating within the jurisdiction.
31 Jan 2025
Bermuda Monetary Authority updates: Key regulatory guidelines and requirements released
On 2 December 2024, the Bermuda Monetary Authority released several key documents to guide insurance entities in their year-end reporting and compliance obligations. These publications are essential for ensuring adherence to regulatory standards and for maintaining the integrity of Bermuda's insurance sector.
22 Jan 2025
Bermuda's call to action: Strengthening financial systems against high-risk jurisdictions
On 2 December 2024, the Bermuda Ministry of Justice issued AML-ATF Ministerial Advisory 3/2024, emphasising the need for vigilance against money laundering and terrorist financing risks in specific jurisdictions. This advisory provides guidance for financial institutions and relevant entities in Bermuda on applying Enhanced Customer Due Diligence (EDD) for transactions involving high-risk countries. This Advisory replaces all previous advisory notices issued by the Minister of Justice on this subject.
15 Jan 2025
Updates to Financial Investigation laws in the Virgin Islands
The Virgin Islands have enacted the Financial Investigation Agency (Amendment) Act, 2024, an essential piece of legislation aimed at strengthening financial integrity and combating illicit financial activities. This Act, gazetted on 5 December 2024, introduces significant updates to the Financial Investigation Agency Act, Revised Edition 2020, reflecting the Territory's commitment to global standards in financial regulation and security.
13 Jan 2025
BMA consultation: Strengthening group supervision in Bermuda's insurance sector
On 4 December 2024, the Bermuda Monetary Authority proposed significant amendments to the Insurance Act 1978 to enhance its regulatory framework for group supervision. These proposals aim to improve the oversight of insurance groups, ensuring that Bermuda maintains its reputation as a robust international financial centre. Below, we explore the key proposals and their potential impact on Bermuda’s insurance industry.
08 Jan 2025
BVI FSC and FIA release comprehensive guidance on enhanced customer due diligence
On 26 November 2024, the British Virgin Islands Financial Services Commission and Financial Investigation Agency jointly issued new guidance titled “Effective Enhanced Customer Due Diligence Measures”. This document aims to support Financial Institutions and Designated Non-Financial Businesses and Professions in managing risks tied to money laundering, terrorist financing, and proliferation financing, particularly when handling higher-risk customers or situations.
30 Dec 2024