The British Virgin Islands Financial Services Commission has published its 2026 Compliance Inspection Program covering March 2026 to February 2027, setting out a risk-based schedule of thematic, focused, follow-up and full-scope inspections. The cycle is expected to initially target 50 licensees, a 25% increase on the 40 inspections conducted in 2025, with a primary focus on higher-risk Trust Corporate Service Providers, Investment Business firms and Virtual Asset Service Providers. All planned inspections will include an Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF) component, including 17 full-scope AML/CFT/CPF reviews, and 18 prudential assessments across sectors presenting elevated operational risks such as banking, investment business, money services business and financing business. The Compliance Inspection Unit also anticipates adding 10 or more licensees if emerging risks warrant it, including risks identified through implementation and analysis of the Revised TCSP Annual Return. The Commission will assess the design and effectiveness of internal control frameworks, including AML/CFT/CPF policies aligned to the AMLTF Code, sanctions screening, suspicious activity reporting, independent review and internal audit, governance oversight, and role-based staff training. Sector-specific priorities include beneficial ownership verification and enhanced due diligence at TCSPs, transaction monitoring and sanctions compliance in investment business, combined financial crime and credit risk topics in banking, prudential resilience in financing business, operational controls and reconciliations in money services business, Travel Rule and monitoring expectations for VASPs, and desk-based prudential reviews of insurers focused on capital, liquidity and reinsurance; aggregate findings and potential recommended actions are expected to be shared with industry at the end of the cycle, with enforcement action where repeated or serious deficiencies are found.
British Virgin Islands Financial Services Commission 2026-04-27
British Virgin Islands Financial Services Commission sets 2026 compliance inspection programme targeting 50 higher risk licensees
The British Virgin Islands Financial Services Commission has published its 2026 Compliance Inspection Program for March 2026 to February 2027, outlining a risk-based schedule of thematic, focused, follow-up and full-scope inspections, initially targeting 50 licensees, primarily higher-risk Trust Corporate Service Providers, Investment Business firms and Virtual Asset Service Providers. All inspections will include Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing components alongside prudential assessments, with priorities such as beneficial ownership verification, sanctions compliance, transaction monitoring, prudential resilience and Travel Rule expectations. Aggregate findings and recommended actions will be shared with industry, with enforcement where repeated or serious deficiencies are identified.