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20Mar

Public Notice by the Financial Investigation Agency - DNFBP Registration Requirements Now in Effect

20 Mar, 2022 | View Counts (270) |Return|

PUBLIC NOTICE

For all Designated Non-Financial Businesses and Professions – NEW REGISTRATION REQUIREMENTS

 

The Financial Investigation Agency (“Agency”) is responsible for the supervision and monitoring of all Designated Non-Financial Businesses and Professions (“DNFBPs”) in the Territory. As of 13 August, the Agency is also responsible for the Registration of all DNFBPs in the Territory.

 

On 24 February 2022, the Agency issued two Public Notices in the Virgin Islands Official Gazette for the attention of DNFBPs. The Public Notices are attached for your attention and can also be accessed via the Agency’s website. 

 

These Public Notices apply to all businesses and professions classified as DNFBPs within the Territory of the Virgin Islands, namely:

 

1. Legal practitioners, notaries public or accountants undertaking relevant business, that is, the provision of services to clients, which involve transactions concerning any of the following activities –

 

    1. Buying and selling of real estate;
    2. Managing of client money, securities, or other assets;
    3. Management of bank, savings or securities accounts;
    4. Organisation of contributions for the creation, operation or management of companies; and
    5. Creation, operation or management of legal persons or arrangements, or buying and selling of business entities.

 

  1. Real estate agents undertaking relevant business, that is, the business of acting as a real estate agent when engaged in a transaction for a client concerning the buying and selling of real estate.

 

  1. Persons engaged in the business of dealing in precious metals or precious stones when such transactions involve accepting a cash payment* of $15,000 or more or the equivalent in any other currency.

 

  1. Persons engaged in the business of buying and selling boats, vehicles, jewellery or other high valued goods such as furniture, machinery and art (relating to paintings and sculptures that are of intrinsic value), when such transactions involve accepting a cash payment* of $15,000 or more or the equivalent in any other currency.

 

*Please note cash transactions involve transactions undertaken via wire transfer, cheques and any other type of monetary instrument.

 

 

Action Required

 

All businesses and professions classified as DNFBPs are required to complete the Registration documents and submit to the Agency for processing on or before 31 May 2022.

 

All applicable registration documents are available to download from the Agency’s website: https://www.fiabvi.vg/Supervised-Entities/Documents-and-Forms

 

 

Registration Seminars

 

The Agency will be holding seminars to explain the new Registration Requirements as well as the Fit and Proper test criteria for DNFBPs on the following dates:

 

Date

Time

Location

 

Wednesday 23rd March 2022

 

 

11am – 12pm

 

Tortola

 

Thursday 24th March 2022

 

 

11am – 12pm

 

Tortola

 

Friday 25th March 2022

 

 

11am – 12pm

 

Tortola

 

Wednesday 30th March 2022

 

10am – 11am

Online – webinar to be held for sister islands residents only.

 

In order to ensure social distancing and Covid safety protocols are followed, places will be limited to two persons per business, and priority will be given to DNFBP businesses. If you would like to attend one of the seminars, please send an email to the complianceunit@fiabvi.vg providing the name, job title, contact number and email address of the persons attending the seminars. Further details of the seminars will then be sent to those persons directly.   

 

 

Further information

 

All information on the new registration requirements as well as the Fit and Proper test are provided on the Agency’s website, under the “Supervised Entities” tab (https://www.fiabvi.vg/).

 

If you have any additional queries, or would like to discuss your business’s registration, please contact the Agency’s Supervision and Enforcement Unit at telephone number 284-852-3200 or via email at complianceunit@fiabvi.vg who will be happy to assist you.

 

See attachments for relevant documents.

Attachments