BVI VASPs are to comply with AML regulations

Starting from 1st of December 2022 the Virtual Assets Service Providers (VASPs) registered in the BVI are obliged to comply with AML legislation.

Despite the main VASP legislation has not been published yet, the so called VASPs are already obliged to comply with AML laws from the beginning of December.

The BVI AML legislation that is applicable to the VASPs include Anti-money Laundering Regulations and Anti-money Laundering and Terrorist Financing Code of Practice. Among the obligations that apply to the regulated BVI companies there are, inter alia, appointment of the compliance officer and MLRO, a collection of KYC, performing of CDD and risk assessment, customer verification. A provider shall adopt AML policies and organize AML trainings for the employees on the regular basis.

One of the specific requirements for VASPs in the BVI, however, is to comply with the so called “travel rule”. This rule requires originating and beneficiary VASPs to obtain, verify, and maintain full information on the originator and beneficiary of each transfer of virtual assets, before the transaction is executed, or accepted.