The British Virgin Islands Financial Services Commission and the Abu Dhabi Global Market Registration Authority entered into an agreement to cooperate on cross-border monitoring of financial businesses.
The Financial Services Commission of the Virgin Islands issued its report assessing the jurisdiction’s money laundering assessment for 2020.
Banque de Commerce et de Placements fined in Luxembourg for AML lapses, Austria expands investigations into Commerzialbank, and more, in the weekly roundup.
Caribbean Banks Found Workarounds After Losing Correspondent Accounts
At least nine Caribbean banks that have lost access to U.S. correspondent accounts as a result of the “de-risking” trend now access U.S. dollars indirectly, usually at higher costs, through their ties to U.K. and other overseas financial institutions, sources told ACAMS moneylaundering.com.
The Financial Services Commission issued an enforcement action against the British Virgin Islands-based office of the Panamanian law firm requiring it to appoint a qualified person to advise it proper business conduct pursuant to the Financial Services Commission Act.
The Financial Services Commission of the British Virgin Islands issued a directive against the British Virgin Islands office of the Panamanian law firm pursuant to the Financial Services Commission Act, 2001. The directive orders the firm to restrict its business and refrain from entering contracts.
| Technical | Effectiveness |
|---|---|
| Compliant : 18 | High : |
| Largely Compliant : 15 | Substantial : |
| Partially Compliant : 15 | Moderate : |
| Non-Compliant : 1 | Low : |
| Rank : N/A |
| Score : N/A |
| Rank : N/A |
| Score : N/A |
| Rank : 9/133 |
| Score : 71/100 |