1. Background
The BVI Financial Services Commission (the “FSC”) has issued the Financial Services (Prudential and Statistical Returns) (Amendment) Order, 2021 (the "Order"). The Order comes into force on 15 February 2021 and is available on the FSC's website.
The Order introduces the newAnti-Money Laundering and Countering the Financing of Terrorism Return (the “AML/CFT Return”), explicitly designed to capture AML/CFT specific data. The AML/CFT Return must be completed by all licensees, including the approved investment managers[1] (the “Approved Manager”).
2. Reporting Period
The AML/CFT Return must account for the Approved Manager’s activities for the reporting period of January to December of the previous year. Where relevant, the AML/CFT Return may require the Approved Manager’ to provide information as at the end of the reporting period (i.e. 31st December).
3. Deadline for Filing the AML/CFT Return
The AML/CFT Return is considered filed, where all item queries are completed and fulfilled, and the excel document and any accompanying information and reports are submitted to the FSC via the designated email address.
The Approved Manager must file a completed AML/CFT Return on or before 31st March each year, for the previous calendar year.
4. Erroneous AML/CFT Return
If the Approved Manager finds or becomes aware of inaccurate information within its AML/CFT Return filed with the FSC, the Approved Manager must notify the FSC of this fact within 5 days of becoming aware of that fact and resubmit a corrected AML/CFT Return within 7 days after notifying the FSC.
5. Late Filing or Not Filing the AML/CFT Return
At least 7 days before the AML/CFT Return submission deadline, the Approved Manager may apply for an extension for AML/CFT Return filing. The FSC may grant an extension to the Approved Manager for a period of up to 30 days.
The FSC may levy penalties on the Approved Manager that fails to file the AML/CFT Return on or before the deadline as the following form:
[1] a person approved as an approved investment manager under regulation 7(1) of the Investment Business (Approved Managers) Regulations, 2012.