The FSC has advised that the AML&CTF Legislation is currently under review and that changes should be expected during the course of this year. The BVI ACO is aware of a number of practicality issues in the industry, with respect to the implementation of the current legislation, which are affecting our ability to comply and compete in the international arena. It is as a result of the impending regulatory reform, these issues, coupled with the increased administrative penalty regime that the Executive Council has taken the opportunity to highlight two key issues: (i) requirement for certified documents and (ii) updating customer due diligence information to the FSC along with suggested revisions and requests for clarification. We have received positive feedback from the FSC with respect to our suggestions and look forward to much needed revision and clarification on these matters.