BVI Compliance Officer Services

BVI compliance officer services

• If you are planning to operate a regulated business in the British Virgin Islands, especially in the area of financial services, virtual asset businesses, or even investment management. Then, opting for BVI compliance officer services is not only a regulatory requirement but rather a strategic advantage. If you are applying for a BVI VASP License, looking for approval for a BVI approved investment manager license or planning to register company in BVI, then the right compliance structure will ensure smooth operations, mitigation of risks, and long-term sustainability of your business.  

• The present regulatory landscape is constantly evolving, and the BVI Financial Services Commission (BVI FSC) has increased its emphasis on governance, AML/CFT controls, risk management, and corporate transparency. As a result, businesses across various industries are now turning to specialized BVI compliance officer services in order to fulfill their statutory obligations, while also maintaining operational integrity.  

• At Tetra Consultants, we support our international clients and provide them with end-to-end regulatory compliance consulting services to ensure that their business is meeting all the legal requirements of the BVI. Our expert team of professionals, risk analysts, and legal experts makes sure that your business is not only fulfilling statutory expectations but is also exceeding them through proactive compliance planning.  

Advantages of appointing BVI compliance officer services

• Opting for the BVI compliance officer services is beneficial for your business. The compliance officer will act as the primary communicator with regulatory authorities, provide timely updates regarding legal changes, and manage necessary filings along with reports to keep your company in good standing. Here are the main benefits of compliance officer services: 

Business credibility and trust  

• Hiring a knowledgeable compliance officer will improve the credibility of your company with customers, partners, and even financial institutions. It also facilitates better access to the partnerships and international markets that also demand strict adherence to the regulatory standards. 

Ongoing compliance and corporate governance

• The compliance officer also manages all regulatory responsibilities, like submitting changes to the BVI Financial Services Commission (BVI FSC), preparing the auditor letters, and renewing the licenses. They offer regular training to the staff and directors regarding compliance matters and report the compliance risks, as well as breaches, to the board, to ensure that the company fulfills the FSC’s expectations for good corporate governance. 

Regulatory compliance and mitigation of risks 

• A compliance officer ensures that compliance is followed with all the legal and regulatory requirements of the BVI. This also consists of the anti-money laundering (AML), and counter-terrorism financing (CTF) obligations. The officer will establish and maintain internal controls along with compliance manuals. This will further reduce the operational, financial, and reputational risks associated with business activities, especially for Virtual Asset Service Providers (VASPs).  

Corporate governance 

• The compliance officer will make sure that all the key personnel and directors are fulfilling the fit and proper framework. The officer will also ensure that the governance frameworks of the company are good and are up to the BVI FSC’s expectations.  

Who should appoint BVI compliance officer services

• BVI compliance officer services should be hired by all individuals and businesses who are conducting regulated financial services in the British Virgin Islands, as required by the Financial Services Commission (FSC). This consists of the BVI business companies, registered partnerships, and approved individual VASPs who provide virtual asset services. 

Regulated financial services entity 

• Entities licensed or regulated under the BVI financial services legislation, which consists of those involved in investment business, virtual assets, and insurance. These businesses need a designated compliance officer. The officer will ensure compliance with the AML, CTF, and other regulatory laws, while also acting as the primary communicator of the business with the regulatory authorities.   

VASP-specific requirements  

• Under the BVI VASP Act, all the VASP applicants, as well as license holders, such as BVI business companies, partnerships, or individuals, will have to hire a qualified compliance officer. The officer will have to fulfill all the FSC standards for skills, experience, along with fit and proper criteria. A compliance officer will then help you with licensing applications, risk management frameworks, along with ongoing reporting.  

Eligibility criteria

• The eligibility criteria for hiring a BVI compliance officer include: 
  • The officer will have to fulfill the “Fit and Proper” requirements set up by the BVI FSC, under the BVI regulatory code. The individual should display honesty, integrity, capability, competence, and financial propriety.  
  • Applicants should have relevant skills, knowledge, and experience, especially in the area of AML, CTF, and regulatory compliance within the virtual asset or financial services space.  
  • The officer should be familiar with the BVI law and global standards that are applicable to the VASPs.  
  • The compliance officer should be proficient in conducting customer due diligence (CDD/KYC), enhanced due diligence (EDD), suspicious activity report (SAR) investigation, ongoing reporting, and risk-based compliance assessments.  
  • The compliance officer should be able to effectively communicate with the BVI FSC and other regulatory bodies, submit reports on time, notifications, and manage compliance risks.  
  • The applicant should be able to establish, incorporate, and maintain a strong compliance framework that is aligned with the BVI law and regulatory standards.  
  • The BVI FSC evaluates the candidates on the basis of these criteria and then approves the appointment, ensuring that the candidate is able to maintain the compliance responsibilities and even uphold good corporate governance standards.  

Services provided by Tetra Consultants BVI compliance officer services 

• When you choose Tetra Consultants for BVI compliance officer services, you will get a wide range of services from initial onboarding through regulatory support. Our services are created to make sure that your company meets all the regulations under the BVI laws and the regulations imposed by the BVI FSC. Here the all the services that we provide: 

• Our team will help your business adhere to the relevant laws, which also includes the VASP Act 2022 (that is for virtual-asset service providers), FSC regulations, and the applicable AML/CFT laws 

• Our team will guide you throughout the application process, communicate with the regulators, prepare necessary documents, and make sure that your compliance structure is meeting FSC expectations 

• Our team at Tetra Consultants will draft and incorporate a strong compliance infrastructure that is tailored to your business. This will include: 
  • Compliance manuals, policy documentation, and internal controls 
  • System and processes for any suspicious activity reporting that will be reported to the BVI Financial Investigation Agency (FIA) and record-keeping,  
  • AML/CFT programs that cover customer due diligence, transaction monitoring, ongoing customer risk evaluation, and transaction monitoring.  

• Monitor legal and regulatory frameworks and see if there are any changes, and will update policies and processes accordingly 

• Ensure that the appropriate transaction monitoring systems are in place for both the fiat as well as virtual asset transactions.  

• Act as a liaison with the BVI FSC and will respond to any regulatory requests or inspections.  

• Take a risk-based approach to compliance and create a compliance risk evaluation 

• Monitor and handle any cross-border activities in adherence with the applicable law 

• Maintain a compliance monitoring program and test the control effectiveness of all the compliance policies 

• Provide staff training to your team that is aligned with the compliance requirements, which includes: 
  • KYC/EDD procedures 
  • Sanctions compliance 
  • Data protection and regulatory updates 
  • AML/CFT processes 
• The director will also ensure that the key personnel of your business such as directors, officers, and senior management, fulfill fit-and-proper standards, and also maintain an appropriate structure 

• Maintain proper records of: 
  • All the business transactions 
  • Internal/external compliance reports 
  • Risk evaluations 
  • Client due diligence  

• Provide regular updates to the Board of Directors or governing body regarding the compliance risks, issues, controls, and any breaches 

Steps for opting for BVI compliance officer services