FSC

What is the FSC British Virgin Islands?

The Financial Services Commission (FSC) British Virgin Islands is the regulatory body responsible for regulating financial services providers in the BVI. The FSC is an independent statutory body established under the Financial Services Commission Act, 2001. The FSC’s main objective is to promote the sound and efficient functioning of financial services in the BVI while protecting the interests of investors and other stakeholders.

Role and Responsibilities of the FSC British Virgin Islands

The FSC British Virgin Islands is responsible for regulating and supervising financial services providers in the BVI, including banks, insurance companies, trust companies, and investment firms. Its primary responsibilities include:

Licensing and Regulation

The FSC is responsible for granting licenses to financial services providers in the BVI. The FSC sets out the minimum standards and requirements that financial services providers must meet to obtain a license. The FSC also conducts ongoing supervision and regulation to ensure that financial services providers continue to meet these standards.

Compliance and Enforcement

The FSC is responsible for ensuring that financial services providers in the BVI comply with the relevant laws and regulations. The FSC has the power to impose fines, revoke licenses, and take legal action against financial services providers that breach the rules.

Anti-Money Laundering and Counter-Terrorist Financing Measures

The FSC British Virgin Islands is committed to preventing money laundering and terrorist financing in the BVI. The FSC works closely with other regulatory bodies and law enforcement agencies to ensure that financial services providers implement robust anti-money laundering and counter-terrorist financing measures.