BVI News – Proposed Changes to the BVI’s Eligible Introducer Regime

 In British Virgin Islands

In its effort to ensure continuous compliance with the evolving international standards of transparency, the British Virgin Islands (BVI) has announced amendments in its anti-money laundering regime. The recommended changes will have most impact on the Eligible Introducer Regime and are to take effect on 1 January 2016.

In line with these changes, the following compliance requirements will include the following:

  1. New Companies
    1. From 1 January 2016, BVI registered agent will need to hold information about ultimate beneficial ownership (“UBO”). The required information will be as follows:
      • Name
      • Date of birth
      • Residential address
      • Nationality
    2. Additionally, as of 1 January 2016 upon incorporation of a BVI Company the Register of Directors would need to be filed with the BVI registry after the first directors have been appointed. The Director information filed at the BVI registry will be private and not be publicly available to anybody other than BVI regulatory and law enforcement authorities.
  1. Existing Companies (incorporated prior to 1 January 2016)A 12-month transitional period will be given to allow existing BVI Companies to become compliant with the requirements mentioned hereunder as follows:
    1. disclosure of the UBO information to the BVI registered agent; and
    2. filing of the Register of Directors to BVI registry.

Therefore, by the 31st December 2016 the BVI registered agent should have all the information about the UBO and moreover BVI registered agent is expected to have completed filing of the register of directors to the BVI registry.

For further information on changes to the regime and how they might affect you and your clients, please feel free to contact your KEY account managers.