BVI STORIES: BVI Association of Compliance Officers & Practitioners

BVI STORIES: BVI ASSOCIATION OF COMPLIANCE OFFICERS & PRACTITIONERS

Throughout the British Virgin Islands (BVI) and beyond, the British Virgin Islands Association of Compliance Officers & Practitioners (BVIACO) plays an integral role in contributing to the reputation of the jurisdiction as a highly attractive and regulated international financial centre.

The overall aim of the BVIACO is to foster a culture of awareness and compliance with the anti-money laundering, counter terrorist financing and proliferation financing (“AMLCFT”) laws and regulations of the BVI, to contribute to the development of the BVI as a reputable and well-regulated international financial centre by promoting professional standards within the industry, and to encourage the sharing of information and best practice within the industry, as well as with policy makers. Compliance in the BVI operates on two levels; compliance with the external rules that are imposed on an organisation as a whole, and compliance with internal systems of control that are imposed to achieve with the externally imposed rules. A compliance officer in the BVI is responsible for both levels mentioned above and is therefore critical to ensuring that companies fulfil all policies and procedures, and furthermore, are adequately prepared for upcoming legislative amendments, and any onsite or thematic inspections conducted by the BVI’s regulator of their company.

THE ROLE OF THE COMPLIANCE OFFICER

The fast-shifting nature of the domestic and international regulatory landscape means that compliance is a constantly evolving and shifting target. There are several factors – local, regional, and international – that contribute to this ever-changing compliance regime.

Geopolitical events, macroeconomic changes, and the emergence of new technologies all continue to shift and alter the international financial and business landscape.

This includes global regulatory updates in the financial services industry - on AMLCFT issues - to new areas of focus such as cybersecurity, artificial intelligence, and digital assets. All these spark legislative changes and impact how businesses can operate. The role of the compliance officer is to be consistently up-to date with the newest changes in the AMLCFT laws and regulations; equipped with a deep understanding of how they will affect businesses, and how changes need to be implemented, for example, when onboarding a new client of business or reviewing existing clients and assessing and managing risks.

Compliance officers are also the main source of collaboration with the regulators to understand how all businesses and entities should comply with the requirements of each sector – from insurance, banking, and all corporate services, such as registered agent and trust company services.

In this way, the compliance officer acts as a middleman between the regulator and a business – a gatekeeper that protects their company from harm by ensuring that businesses understand the AMLCFT laws and regulations and any amendments and how to implement them effectively- as well as informing the regulators on the practical implications of such AMLCFT amendments, whether directly or through the BVIACO.

ROLE OF THE BVIACO

The main priority of the BVIACO is to support compliance officers by providing training and information, as well as to foster knowledge sharing within the industry and policy makers. One major way BVIACO does this is through its annual conference. Every year, the event brings together compliance officers, policy makers and industry leaders from across the jurisdiction and beyond to discuss and advise on the biggest challenges and changes facing compliance officers at that time, and any future or imminent AMLCFT changes and challenges for which they need to be prepared.

This training, however, takes place throughout the year, with the BVIACO hosting regular webinars, luncheons, and seminars on developments across the industry, with sessions addressing topical and pressing issues such as the recently enacted Virtual Assets Service Providers Act, 2022, fraud and corporate governance.

EDUCATION AND TRAINING

The international nature of the BVI business and financial centre, as well as the high volume of businesses in the jurisdiction, means the demand for compliance officers is extremely high. As a result, the BVIACO is highly dedicated to promoting education in compliance, educating the young generation on what a career in compliance entails and assisting working professional who have an interest in expanding their skills and experience to achieve the next step in their career.

BVIACO works with several important partners to provide this education, such as the H. Lavity Stoutt Community College Robert Mathavious Institute for Financial Services, which provides globally recognised qualifications in AML, governance, risk and compliance, among other professional programmes relevant to the financial services industry.

The BVIACO also runs a successful scholarship programme which seeks to provide industry professionals who are interested in compliance the opportunity to participate in training to advance their understanding, skills, and careers in the field.

CONCLUSION

Looking ahead, the BVIACO will continue its dedication to the education and training of aspiring and established compliance officers and practitioners. The BVIACO is committed to ensuring that the BVI remains at the forefront of regulatory developments across the globe, maintaining its role as a highly respected and regulated international financial business centre.