The Financial Investigation Agency is reminding all businesses categorized as Designated Non-Financial Businesses and Professions (“DNFBPs”) in the Virgin Islands of its 31st May 2022 deadline for registration with the Agency.
Businesses and professions classified as DNFBPs include: legal practitioners, notaries public and accountants undertaking the provision of services to clients, which involve transactions concerning the buying and selling of real estate; managing of client money, securities, or other assets; management of bank, savings or securities accounts; organisation of contributions for the creation, operation or management of companies; and the creation, operation or management of legal persons or arrangements, or buying and selling of business entities.
Also classified as DNFBPs in the Territory are real estate agents engaged in the buying and selling of real estate for clients; and those engaged in the dealing of precious metals, buying and selling of boats, vehicles, jewellery, machinery, paintings and sculptures of intrinsic value that involve accepting a cash payment, wire transfer, cheque, or any other type of monetary instrument equivalent to $15,000 or more or its equivalent in any other currency.
The Agency will host a webinar on Wednesday 4th May from 11:00 a.m. to 12:00 p.m. to explain the new registration requirements for DNFBPs and the Fit and Proper test criteria. To register, contact the Agency’s Supervision and Enforcement Unit at complianceunit@fiabvi.vg or 284-852-3200.
Registration documents are available to download from https://www.fiabvi.vg/Supervised-Entities/Documents-and-Forms and additional queries or discussions relating to business registration can be resolved by contacting the Agency’s Supervision and Enforcement Unit. Extensions to the deadline will not be issued and monetary penalties will become applicable.