British Virgin Islands-Overseas Territory of the United Kingdom [electronic resource] : Assessment of the Supervision and Regulation of the Financial Sector Volume II-Detailed Assessment of Observance of Standards and Codes.

International Monetary Fund
Washington, D.C. : International Monetary Fund, 2004.
IMF eLibrary
IMF Staff Country Reports; Country Report No. 04/93.
IMF Staff Country Reports; Country Report No. 04/93
Government document
1 online resource (129 p.)
Local subjects:
Account number.
Account opening.
Accounting standards.
Accounting treatment.
Adequate compliance.
Adequate powers.
Adequate protections.
Adequate screening procedures.
Alternative remittance.
Alternative remittance systems.
Anonymous accounts.
Assessing compliance.
Audit function.
Bank accounts.
Bank activity.
Bank exposures.
Bank for international settlements.
Bank issues.
Bank licensing.
Bank management.
Bank policies.
Bank records.
Bank supervision.
Bank supervisors.
Bankers association.
Banking activities.
Banking business.
Banking industry.
Banking institutions.
Banking license.
Banking operations.
Banking regulators.
Banking secrecy.
Banking sector.
Banking supervision.
Banking supervisors.
Banking system.
Banking systems.
Banks assets.
Banks balance sheet.
Banks loan.
Beneficial owners.
Beneficial ownership.
Border transactions.
Business relations.
Business relationships.
Capital adequacy.
Capital adequacy ratio.
Capital base.
Capital requirement.
Cash transactions.
Check encashment.
Civil forfeiture.
Civil liability.
Collective investment scheme.
Collective investment schemes.
Common law jurisdictions.
Competent authorities.
Compliance departments.
Compliance officer.
Compliance program.
Confidentiality requirements.
Confiscated assets.
Confiscation of property.
Connected lending.
Consolidated supervision.
Crime prevention.
Criminal activities.
Criminal activity.
Criminal authorities.
Criminal elements.
Criminal investigation.
Criminal investigations.
Criminal justice.
Criminal justice measures.
Criminal law.
Criminal law enforcement.
Criminal liability.
Criminal matters.
Criminal proceeds.
Criminal prosecution.
Criminal purposes.
Criminal record.
Criminal sanctions.
Customer identification.
Customer identification information.
Customer identification policies.
Customer identification requirements.
Customer identity.
Customer requirements.
Disciplinary proceedings.
Domestic law.
Drug control.
Drug trafficking.
Dual criminality.
Due diligence.
Due diligence measures.
Due diligence requirements.
Due regard.
Economic crimes.
Enforcement authorities.
Enforcement powers.
Ensuring compliance.
Factual circumstances.
Fictitious names.
Financial activity.
Financial crimes.
Financial intelligence unit.
Financial intermediaries.
Financial investigation.
Financial investigations.
Financial investigators.
Financial regulation.
Financial secrecy.
Financial Sector Assessment Program.
Financial sector regulation.
Financial service providers.
Financial strength.
Foreign authorities.
Foreign banks.
Foreign branches.
Foreign counterparts.
Foreign exchange.
Foreign jurisdiction.
Foreign jurisdictions.
Foreign law enforcement authorities.
Foreign regulators.
Foreign regulatory.
Good faith.
Identification procedures.
Income statement.
Information exchange.
Insurance business.
Insurance contract.
Insurance supervisors.
Integrity standards.
Intelligence units.
Internal audit.
Internal auditing.
Internal control.
Internal control systems.
Internal controls.
Internal organization.
Internal policies.
Internal procedures.
Internal rules.
International accounting standards.
International cooperation.
International law.
International standards.
Investigative powers.
Investigative techniques.
Iosco principles.
Know your customer.
Large cash transactions.
Laundered property.
Laundering legislation.
Law enforcement.
Law enforcement activities.
Law enforcement agencies.
Law enforcement authorities.
Law enforcement bodies.
Law enforcement cooperation.
Law enforcement information.
Law enforcement measures.
Law enforcement officials.
Legal assistance.
Legal assistance requests.
Legal entities.
Legal impediments.
Legal liability.
Legislative measures.
Liability management.
Licensing authority.
Licensing process.
Licensing requirements.
Loan classification.
Market intermediaries.
Market intermediary.
Market manipulation.
Market participants.
Money laundering.
Money laundering investigations.
Money laundering offence.
Money laundering operations.
Money laundering purposes.
Money remittance.
Money remitters.
Off balance sheet.
Offshore jurisdictions.
Predicate crime.
Predicate crimes.
Private banking.
Professional secrecy.
Prudential purposes.
Prudential regulation.
Prudential requirement.
Prudential supervision.
Record keeping requirements.
Regional bank.
Regulatory authorities.
Regulatory authority.
Regulatory bodies.
Regulatory cooperation.
Regulatory environment.
Regulatory report.
Regulatory requirements.
Reinsurance companies.
Reporting obligations.
Reporting requirements.
Reports on the Observance of Standards and Codes.
Risk customers.
Risk management.
Risk management practices.
Risk management systems.
Secrecy laws.
Securities activities.
Securities industry.
Securities regulation.
Securities regulators.
Securities sectors.
Securities transactions.
Settlement system.
Settlement systems.
Share information.
Supervisory agency.
Supervisory authorities.
Supervisory authority.
Supervisory framework.
Supervisory process.
Supervisory standards.
Suspected money laundering.
Suspicious activity.
Suspicious activity reporting.
Suspicious transaction.
Suspicious transaction report.
Suspicious transaction reporting.
Suspicious transaction reports.
Suspicious transactions.
Suspicious transactions reporting.
Terrorism financing.
Terrorism standards.
Terrorist activities.
Terrorist assets.
Terrorist financing.
Terrorist organizations.
Transaction reporting.
Transaction reports.
Transparency standards.
Trust service providers.
United States Virgin Islands.
Unusual transactions.
Vigilance policy.
British Virgin Islands.
United Kingdom.
This report provides an assessment of the British Virgin Islands’s (BVI) compliance with the Basel Core Principle for effective banking supervision. The BVI has the preconditions for effective banking supervision. It has specific legislation governing international cooperation and mutual legal assistance. The BVI has designed its antimoney laundering (AML)/combating the financing of terrorism supervisory legislation to apply broadly to banks and trust companies, insurance business, and parallel areas. The financial services commission is responsible for both prudential supervision and ensuring compliance with AML measures.
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