On Jan. 17, 2025, BVI FSC issued second press release on beneficial ownership FAQs.
BVI FSC informed that for assistance with beneficial ownership questions not answered in the FAQs, queries should be sent to the Commission via the email address provided.
On Jan. 14, BVI FSC issued FAQs on implementation of AML regime.
BVI FSC released FAQs entitled Beneficial ownership implementation to inform on application of new requirements, including for filings, and fees as well as penalties.
Identifying Beneficial Owners
All licensees must identify and verify each applicant for business and customer.
Including the underlying beneficial owners in accordance wit section 19 of the Anti-Money Laundering Terrorist Financing Code of Practice (AMLTFCOP) and Regulation 16.
Filing Requirements
Relevant persons have 30 days on or after the coming into force of these Beneficial Ownership (BO) Regulations to obtain and file with the Registrar BO information.
There is no transitional period; all BO information must be filed by Jun. 30, 2025.
Beneficial owners may not make filings directly to the Registrar of Companies.
FAQs provide guidance on the type of information that is required to be filed.
Residents located in countries outside of the BVI many not file BO information.
Fees, Penalties
Fees associated with BO Flings are in Schedule 1 of BVI Business Companies (Amendment of Schedule 1) Order; Financial Services (Limited Partnership Fees) regs.
No fee for application for an extension to file beneficial ownership information.
Penalty Fees for filing of BO information are captured in Part VIIB of Schedule 2 of BVI Business Companies Act and Part III of the Schedule to the Limited Partnership Act.
Penalties for breaches of specified provisions of BO Regulations are in Schedule 3 of BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations.
Effectiveness
Regulations came into force on Jan. 2, 2025; BO filings are due by Jun. 30, 2025.
Jan. 17, 2025 BVI FSC FAQs
On Jan. 17, 2025, BVI FSC issued second press release on beneficial ownership FAQs.
BVI FSC informed that for assistance with beneficial ownership questions not answered in the FAQs, queries should be sent to the Commission via the email address provided.
