Legal Memoranda
Anti-Money Laundering Impact on Funds in the BVI
Anti-Money Laundering Measures in the BVI
The prevention of money laundering and terrorist financing is now a critical obligation for all businesses and charitable entities. Regulation in this area has become increasingly stringent and keeping up to date with compliance requirements can be challenging.
Responsibility has been placed in many jurisdictions on intermediaries, such as banks and professional firms, alongside financial and non-financial companies, to report potential instances of money laundering. Approaches to the problem differ, but in order to satisfy their obligations in this regard, many companies have appointed dedicated anti-money laundering (“AML”) staff and procedures.
Conyers can assist you in reducing your organisation’s exposure to money laundering, terrorist financing and sanctions-related risks, and improve your ability to meet regulatory obligations with appropriate strategies and controls, including robust ‘know your client’ (KYC) policies and procedures.
Our legal and fiduciary services include:
- Advice and training on AML best practice and compliance
- Undertaking AML reviews and audits and assisting with remediation projects
- Offering natural persons to act as AML Compliance Officer, Money Laundering Reporting Officer (MLRO) and Deputy MLRO – Cayman only
- Tailored AML compliance manuals
- Providing strategic ‘future-proofing’ advice on AML processes
- Advising on suspicious activity reporting
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Our purpose is to help clients pursue the right legal, financial and commercial paths. To help you make the right choices for your individual needs, or to learn more about our jurisdictions, contact one of our professionals today.